# Factbox: Government measures to ease inflation pain Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-08-08 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Global Actions to Curb Rising Energy and Commodity Prices Meta Description: Read about governmental measures worldwide in response to rising energy, commodities, and basic item prices exacerbated by supply chain issues and conflict in URL: https://financedigest.com/factbox-government-measures-to-ease-inflation-painhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-08-08t113531z1lynxmpei770errtroptp4global-economy-inflation-1736815501331-compressed.jpg) (Reuters) – Pandemic-related disruption to global supply chains and the knock-on effects of Russia’s war in Ukraine are combining to push prices of energy, commodities and basic items higher. Below is a list of some of the actions taken by governments aimed at offering relief to hard-hit consumers and companies: AMERICAS: \\* The U.S Senate on Sunday approved the “Inflation Reduction Act of 2022”, a $430 billion plan which among other things [lowers the cost](https://www.financedigest.com/bmw-bets-on-design-and-recycling-not-mining-to-lower-battery-costs.html "BMW bets on design and recycling, not mining, to lower battery costs") of prescription drugs, raises some corporate taxes, and introduces consumer tax credit measures to encourage energy efficiency. \\* Brazil’s President Jair Bolsonaro and lawmakers have been pressuring state-owned energy giant Petrobras to further [cut petrol prices](https://www.financedigest.com/tesla-cuts-u-s-model-s-and-model-x-prices-between-4-and-9.html "Tesla cuts U.S. Model S and Model X prices between 4% and 9%"). The company in July twice announced separate price reductions cumulatively totalling 9%, bringing [prices to their lowest levels](https://www.financedigest.com/g7-finance-chiefs-agree-on-russian-oil-price-cap-but-level-not-yet-set.html "G7 finance chiefs agree on Russian oil price cap but level not yet set") since March. EUROPE: \\* Germany [plans to introduce a gas price](https://www.financedigest.com/factbox-u-s-offers-new-details-on-plan-to-cap-russian-oil-prices.html "Factbox-U.S. offers new details on plan to cap Russian oil prices") levy on all consumers from Oct. 1. The [government in July announced 15-billion euro](https://www.financedigest.com/european-governments-spend-half-a-trillion-euros-on-energy-crisis-report.html "European governments spend half a trillion euros on energy crisis – report") state bailout of Uniper, the country’s largest importer of Russian gas. It had also introduced a tax cut on [petrol and diesel](https://www.financedigest.com/petrol-or-diesel-suv.html "Petrol or Diesel SUV?"), while slashing public transport costs. \\* France’s parliament on Aug. 3 [adopted a 20 billion euro](https://www.financedigest.com/croatia-heading-to-enter-euro-zone-adopts-first-budget-in-euros.html "Croatia, heading to enter euro zone, adopts first budget in euros") inflation-relief package, lifting pensions and some welfare payments, and allowing companies to pay employees higher tax-free bonus payments, in a bid to boost household purchasing power. \\* Italy on Aug. 4 [approved an aid package worth about 17 billion](https://www.financedigest.com/australian-court-approves-bhps-6-4-billion-oz-minerals-takeover.html "Australian court approves BHP’s .4 billion OZ Minerals takeover") euros. The legislation aims to [cut electricity and gas bills and adds to about 35 billion euros already spent since January to soften the impact of power](https://www.financedigest.com/france-strains-to-avert-power-cuts-as-cold-snap-tests-europes-energy-resolve.html "France strains to avert power cuts as cold snap tests Europe’s energy resolve"), gas and petrol costs. \\* [Poland in July introduced the so-called “payment holidays”](https://www.financedigest.com/polands-bank-millennium-third-quarter-results-hit-by-payment-holidays.html "Poland’s Bank Millennium third-quarter results hit by payment holidays") relief scheme for individuals holding mortgages in Polish zlotys, allowing them to skip payments for eight months over a two-year period. ASIA: \\* India in May [imposed restrictions](https://www.financedigest.com/chinas-covid-resurgence-spurs-new-curbs-foxconn-imposes-restrictions.html "China’s COVID resurgence spurs new curbs, Foxconn imposes restrictions") on exports of food items including wheat and sugar, which account for nearly 40% of the consumer price index, and cut taxes on imports of edible oil. \\* Japan deployed a $103 [billion relief package in April](https://www.financedigest.com/abb-to-launch-1-billion-share-buyback-on-april-3.html "ABB to launch billion share buyback on April 3") to cushion the economic blow from rising raw material costs, which consisted of subsidies to curb gasoline prices and cash payouts to low-income households with children. Prime Minister Fumio Kishida has signalled there may be additional steps if rises in [living costs](https://www.financedigest.com/estonias-pro-kyiv-government-faces-election-test-amid-cost-of-living-crisis.html "Estonia’s pro-Kyiv government faces election test amid cost of living crisis") persist. MIDDLE [EAST AND AFRICA:](https://www.financedigest.com/eseye-collaborates-with-solarnow-and-amazon-web-services-to-help-bring-solar-energy-to-remote-regions-in-east-africa.html "Eseye Collaborates with SolarNow and Amazon Web Services to Help Bring Solar Energy to Remote Regions in East Africa") \\* [Saudi Arabia and the United Arab Emirates in early July announced boosts to their spending on social](https://www.financedigest.com/saudi-snitching-app-turns-citizens-into-social-media-police.html "Saudi snitching app turns citizens into social media police") welfare. The UAE doubled financial support to low-income Emirati families, while [Saudi Arabia’s King](https://www.financedigest.com/saudi-arabias-king-crown-prince-send-condolences-on-queen-elizabeths-death.html "Saudi Arabia’s king, crown prince send condolences on Queen Elizabeth’s death") Salman ordered the allocation of 20 billion riyals ($5.32 billion). \\* Turkey in early July [increased its minimum wage](https://www.financedigest.com/greece-to-increase-minimum-wage-again-before-election.html "Greece to increase minimum wage again, before election") by about 30%, adding to the 50% rise seen at the end of last year. ($1 = 3.7575 riyals) (Compiled by Olivier Sorgho, Leika Kihara, Manoj Kumar and Alessandra Prentice; Editing by Alison Williams) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---