Speculation that a new Iran nuclear deal could soon be agreed upon has added downward pressure to oil prices, although the disruption of Russian oil flows to Central Europe is adding to supply worries. Chart of the Week – Ever-increasing energy costs are weighing on European consumers, with EU inflation nearing double-digit territory and the UK expecting a spike towards 13%, mostly driven by soaring gas prices. – Almost all European countries will be seeing increases in food prices in the double digits as spot TTF prices continue hovering around €200/MWh, defying recent declines in the UN world food cost index (down 9% month-on-month in July). – According to IMF forecasts, the costs of living for the poorest of UK households have gone up by more than 16% this year, whilst in Hungary (the least suffering of the EU pack) they rose by 3%. – The European Union approved […]