Consumer prices in Europe continued their steady upward march in August, driven by soaring food and fuel prices and shortages caused by clogged supply chains, the New York Times reported. In the 19 countries that use the euro as currency, the annual inflation rate jumped to a fresh record of 9.1 percent, up from 8.9 percent in July, according to estimates released Wednesday by the European Commission’s statistical office. A year earlier, inflation was 3 percent — a rate that at the time marked a 10-year high and set off alarms, but would now be greeted with enormous relief.

Russia is set to shut its key Nord Stream natural-gas pipeline Wednesday for maintenance, leaving Europe guessing again about whether supplies will restart, as temperatures fall and demand for the fuel grows, the Wall Street Journal reported. Whatever the outcome, European officials and energy executives say the continent faces years of high energy prices and possible shortages as efforts to replace Russian imports clash with limited supplies elsewhere and regulations that discourage hydrocarbon usage.

Italy has picked a group led by U.S. private equity fund Certares, backed by Air France-KLM and Delta Air Lines Inc., for exclusive talks on buying a majority stake in ITA Airways, the Treasury said on Wednesday, Reuters reported. The offer, details of which were not made public, would leave the Treasury with "at least" a 40% stake in ITA and the right to appoint the company's chairman and exercise a veto on certain "strategic choices", a source told Reuters.

Transport for London on Tuesday reached a multi-billion-pound bailout deal with Government that will avoid the capital’s transport system falling into “managed decline,” the Evening Standard reported. But London Mayor Sadiq Khan warned that Tube fare rises and some cuts to buses were still on the horizon as the settlement leaves TfL with a “significant funding gap”. City Hall bosses have been locked in intense negotiations with Government staff for weeks to secure an agreement.

The European Union is preparing to step into its energy market, intervening in the short term to dampen soaring power costs as the continent braces for the economic hit of energy shortages this winter, Bloomberg News reported. The European Union is preparing to step into its energy market, intervening in the short term to dampen soaring power costs as the continent braces for the economic hit of energy shortages this winter.

The UK government’s £400 payment to help households with surging energy bills could be about to shake inflation markets and the nation’s stretched finances, according to a Bloomberg News commentary. The Office for National Statistics will announce Wednesday whether the £12 billion ($14 billion) in aid, which will be spread over six months, should be considered an income adjustment or a price adjustment. If the latter, that will ease official inflation figures in the coming months.

British credit card borrowing grew at the fastest pace since 2005 in the 12 months to July, Bank of England data showed on Tuesday, in a potential sign that some households are struggling to make ends meet as the cost of living soars, Reuters reported. Credit card borrowing rose by a net 740 million pounds ($869 million) on the month, down from a 945 million-pound increase in June but 13% higher than the year before, the biggest annual increase since October 2005. The average interest rate on credit card borrowing rose to 21.7% in July, the highest since late 1998, the data showed.

German inflation accelerated to the most since the euro was introduced on soaring energy prices, bolstering calls for a jumbo interest-rate increase when the European Central Bank meets next week, Bloomberg News reported. Consumer prices in Europe’s biggest economy, calculated under European Union harmonized standards, jumped 8.8% from a year ago in August, matching the median estimate in a Bloomberg survey of analysts.

French Prime Minister Elisabeth Borne urged businesses to cut energy use or face possible rationing this winter if Russia halts gas deliveries, Bloomberg News reported. “It’s urgent to stop any energy consumption that isn’t indispensable immediately,” Borne said on Monday in a speech to business leaders at a conference near Paris. If not “there could be brutal gas outages overnight and serious economic and social consequences,” she said, adding that “companies would be the first hit” by any rationing.

August 31 China Evergrande Bondholders Push Own Plan for Debt Restructuring Global funds that invested in China Evergrande Group's bonds have come up with their own debt restructuring plan for the property developer and demanded that its chair repay liabilities with his own fortune, the Financial Times reported on Tuesday, according to Reuters. With more than $300 billion in liabilities, Evergrande, once China's top-selling developer, has been at the centre of the crisis and its debt restructuring plan is seen as a possible template for others.