US food & electricity prices to SOAR; EU bans 90% of Russian oil in principle, hits RECORD inflation

While Americans experience record high gas & grocery prices, another round of price increases is expected to occur this fall. The North American Electric Reliability Corporation said that extremely high temperatures and persistent drought could cause power outages in 2/3 of the U.S. this summer. In a no surprise move, EU leaders reached an agreement "in principle" to immediately ban about two-thirds of crude oil imports from Russia. They also promised to ban 90%of Russian crude oil from entering the EU by the end of the year. Eurozone inflation continues to rise, hitting a record high for the seventh consecutive month according to preliminary data.