The Eurozone is on the brink of a recession according to fresh data about the rising cost of living

Europe’s Central Bank is under pressure, as inflation soars to more than four times its 2 per cent target.

The rising costs associated with living are impacting a range of sectors from aviation to the hospitality industry.

These industries are attempting to rebound from the height of the Covid-19 pandemic.

Gas prices are also up more than 30 per cent, which is stoking fears of greater shortages as the continent gets ready for a long winter ahead.

In the UK, Opposition Leader Keir Starmer is digging his heels into his new opponent Liz Truss.

“She’s spent more time talking about cuts to corporation tax than the cost of living crisis,” he said.

Gas switched off

Russia has confirmed it is shutting off the Nord Stream One pipeline, which is a major link for gas across Europe.

While the taps were turned off for a maintenance check, Russian authorities said they will shut indefinitely.

It follows fresh data of G7 members failing to meet their Paris climate targets.

Under the 2015 Paris Climate deal, countries agreed to cut greenhouse gas emissions to limit global warming to 2°C.

But it’s understood the Group of Seven’s corporate emissions targets are overall on a 2.7°C warming trajectory.

The G7 consists of Britain, Canada, France, Germany, Italy, Japan and the United States.