British lawmakers approved a 25% windfall tax on the oil and gas industry, hoping to raise an extra £5 billion ($6 billion) in one year to ease the cost of living crisis for the nation’s households, Reuters reported earlier this week.

Global trade restrictions increase prices and exacerbate the food crisis, the organizations say The removal of trade restrictions would ease the global food crisis by minimizing supply disruptions and reducing prices, the World Trade Organization (WTO), World Bank and International Monetary Fund (IMF) said in a joint statement on Friday.

Benchmark projected to average 8.3% this year, according to the European Commission Inflation will hit 7.6% in the Eurozone and 8.3% in Europe as a whole this year, according to the European Commission’s revised forecasts on Thursday, 1.5% up on the previous predictions.