The European Union has warned that the eurozone is set to slide into recession over the winter with Brussels hiking inflation forecasts for 2022 and 2023 amid soaring energy prices.

US President Joe Biden has heightened efforts to reduce gasoline prices, taking a series of actions that industry experts say are “costly and dangerous” and a “desperate political" move to win the midterms.

Protests are held in some of the EU’s major capital cities against soaring inflation and the rising costs of living caused by sanctions imposed on Russia.

As Germany's energy crisis deepens, a think tank has warned that the country will fall into recession next year.

President Emmanuel Macron of France says tough months are ahead as his administration braces for energy price hikes due to the war in Ukraine.

European countries are wrestling with runaway inflation and soaring energy prices stemming from the US-inflamed war in Ukraine, bearing the brunt of Washington’s interventionist policy wreaking havoc across the continent.

The European Commission admits its current strategy to compensate for reduced energy supplies from Russia is inadequate. Surging oil and gas prices in the EU, resulting from sanctions imposed on Moscow, are contributing to economic turmoil across the 27-country bloc.