Industrial producer prices in the euro area in July 2022 compared to July 2021 increased by 97.2% in the energy sector, by 21.6% for intermediate goods, by 13.8% for consumer durables and by 7.9 % on capital goods. Prices in general for the industry, excluding energy rose by 15.1%.

In the EU, industrial producer prices rose by 96.2% in the energy sector, by 21.7% for intermediate goods, by 14.8% for consumer durables and by 8.1% for capital goods. Prices in the industry as a whole, excluding energy, increased by 15.7%.

Industrial producer prices rose in all Member States, with the largest annual increases recorded in Romania (+67.4%), Bulgaria (+55.9%) and Denmark (+55.1%).

The finance ministers of the G7 countries (USA, Canada, Great Britain, Japan, Germany, France and Italy) agreed to impose a limit on the price of Russian oil, a corresponding statement was published on the website of the UK Treasury. It is clarified that insurance and financing for carriers of Russian oil at prices exceeding the established “threshold” will be prohibited. The new measure is expected to take effect in December.

“Today we reaffirm our joint political intent to complete the development and implement a comprehensive ban on services that allow for the sea transportation of oil and oil products of Russian origin around the world - the provision of such services will be allowed only if oil and oil products are purchased at prices equal to or below the limit, which is determined by a broad coalition of countries,” the report said. It is specified that with the help of this mechanism, officials expect to maintain the supply of oil and oil products from Russia, while reducing its income. At the same time, Russia's influence on world energy prices will be limited.

What is similar between 2008, 2014 and 2022? All three introduced some new form of energy and resources price controls. In 2022 it is first open price regulation by energy and resources consumers, because they are bankrupt scammers and nothing else works.

A wave of European ammonia-plant shutdowns due to soaring natural gas prices has resulted in a devastating fertilizer crunch, worsening by the week, with as much as 70% of production offline.

"Ammonia prices, though volatile, rose 15% in 3Q and could climb higher as Europe's record gas prices curtail output and send ammonia producers to the global market in search of replacement supplies to run upgrade facilities -- with winter still around the corner," Bloomberg Intelligence's Alexis Maxwell wrote in a note.

As of Friday, 70% of capacity is offline across the continent, according to Fertilizers Europe, representing top regional producers.

Producers from Norway's Yara International ASA to CF Industries to Borealis AG recently reduced or halted production because European NatGas prices hit a record high of 343 euros per megawatt hour, making it uneconomical to operate.

The region's fertilizer industry association warned the energy crisis is rippling across many industries and could heavily impact the food industry.

"We are extremely concerned that as prices of natural gas keep increasing, more plants in Europe will be forced to close.

"This will switch the EU from being a key exporter to an importer, putting more pressure on fertilizer prices and consequently affecting the next planting season," said Maximo Torero, chief economist at the United Nations Food and Agriculture Organization.