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Denmark’s inflation rate for the year slowed down to 1.7% in July from 1.9% in June, according to official data. Statistics Denmark reported that consumer prices increased by 1.3% compared to the previous month. The core inflation rate remained steady at 2.3%, consistent with June’s figure. Price rises in the hospitality sector, especially in restaurants and hotels, continued to exert a significant influence on the overall index. Rental costs for holiday homes contributed notably during the busy summer travel season.

Extreme heat and drought across Europe could remove about 1% from European Union economic output in 2026, according to an assessment by Triodos Bank. The estimated loss equals roughly €180 billion and comes during an already weak growth year. The European Commission forecast in May that EU gross domestic product would expand 1.1% in 2026. That baseline leaves little distance between projected growth and the economic damage estimated from this summer’s severe weather. Record summer heat is weighing on European productivity, agriculture, energy and transport.

South Korea is experiencing a notable surge in fresh produce prices due to extreme heat disrupting agricultural activities and diminishing vegetable supplies. According to Korea Agro-Fisheries & Food Trade Corp. data, spinach reached 1,978 won per 100 grams on Aug. 7, representing a 152.3% increase compared to the previous month. Meanwhile, ten cucumbers were priced at 8,313 won, up 54.8%, with blue lettuce increasing by 41.7% and zucchini climbing 46.6% to 1,504 won.

South Korea is witnessing a significant surge in fresh produce prices as unprecedented heatwaves affect agriculture and diminish vegetable availability. According to data from Korea Agro-Fisheries & Food Trade Corp., spinach reached 1,978 won per 100 grams on Aug. 7, which is 152.3% higher than a month earlier. Meanwhile, ten cucumbers sold for 8,313 won, reflecting a 54.8% increase. Blue lettuce rose by 41.7%, and zucchini prices climbed 46.6% to 1,504 won.

Following months of intensive multinational negotiations in Brussels, European space authorities finalized a significant expansion of the EU’s leading orbital communications system last Friday. The European Commission officially announced the signing of a contract to extend IRIS2 satellite constellation through a binding implementation agreement with the SpaceRISE industrial consortium. This formal agreement marks the end of detailed technical and financial negotiations that began in January 2026, moving the Infrastructure for Resilience, Interconnectivity and Security by Satellite program from planning into full industrial deployment.

In June, South Korea achieved a historic current account surplus of $49.73 billion, driven by a significant rise in semiconductor exports. The Bank of Korea indicated this was a notable jump from the previous peak of $38.61 billion recorded in May. The country’s surplus streak extended to 38 months with this remarkable monthly performance. A large portion of this growth was fueled by robust goods exports, with technology shipments leading the way in boosting the nation’s international sales.

In July, manufacturing activity within the Eurozone experienced a boost, with factory output reaching its quickest rate in nearly four and a half years. The S&P Global manufacturing PMI increased to 51.9 from 51.4 in June. A reading above 50 indicates expansion. Although the final figure was slightly below the initial estimate of 52.0, production picked up at the start of the third quarter. Nonetheless, demand signals revealed that the recovery remained uneven across the currency bloc.

The European Union has officially launched the Scaleup Europe Fund, targeting a fundraising total of €5 billion. The European Commission finalized the legal procedures on August 4, confirming the fund’s operational status. Managed within the European Innovation Council Fund, the initiative concentrates on key technology firms with strategic importance. EQT has been appointed as the investment manager and will determine deals on commercial terms. The Commission anticipates initial investments to occur within a few weeks, with fundraising ongoing as EQT seeks further commitments from both public and private sector investors.

In June 2026, the inflation rate across OECD nations decelerated to 4.2% from 4.6% in May. This reduction brought an end to three straight months of increasing headline inflation figures. Price increases for consumers slowed down in 20 member states, while six saw growth. Conversely, 12 economies experienced stable or nearly stable inflation rates. Among these, nine OECD countries reported inflation levels of 2% or less, with three of them maintaining rates below 1%. Lower energy inflation helped reduce price growth across OECD, G7 and G20 economies. A significant contributor to this overall decrease was the drop in energy inflation. Yearly energy price growth declined by four percentage points to 11.7%, down from 15.8% in May. Data from 37 countries revealed that energy prices grew in 24, while 10 nations experienced an increase and six continued to record rates over 15%. Despite the slowdown observed in June, energy remained a key factor influencing consumer prices. Both food and core inflation also showed declines during this period. Food inflation decreased by 0.2 percentage points to 3.4%, while core inflation — which excludes food and energy — fell by the same margin to 3.6%. These figures indicate a moderation in price growth across various major spending categories. Although prices are still rising, the pace of increase has slowed compared to previous periods. Energy Price Easing Helps Reduce G7 Inflation Across the G7 economies

The UK economy remains outside of a recession, though declining investment and employment figures have heightened worries about its future expansion. EY anticipates a 0.9% increase in gross domestic product for 2026, revising its May estimate upward by 0.1 percentage points. The firm projects a 1.2% growth rate for 2027. Their central scenario assumes the Strait of Hormuz reopens by September, although shipping volumes are expected to stay below usual levels. Rising energy costs now play a pivotal role in the UK economic debate.