• Early signs suggest that monkeypox may be slowing down in some U.S. cities.
• Pakistan has declared a national emergency due to devastating floods that have submerged one-third of the country.
• A BP refinery in Indiana shut down after a fire, causing fuel shortages in the U.S. Midwest.

Economy, energy, and supply chain

The UK will increase its energy bill cap to an average of £3,549 starting October 1st. This new rate does not apply in Northern Ireland. Ofgem will now review the cap every three months instead of every six to better reflect market fluctuations. However, this cap does not cover businesses, and small business owners are already feeling the pressure. A senior economist warned, “A crisis is coming this winter as rising energy costs threaten to cause serious physical and financial harm to families across Britain.”

French President Macron has warned of upcoming “sacrifices” following the “end of abundance.” He attributed this shift to climate change and the instability caused by Russia’s invasion of Ukraine.

This winter might be tough, but gas rationing seems less likely than it once did.

The EU is holding an emergency meeting on Friday to address how soaring gas prices could push Europe into a recession.

A BP refinery in Indiana was forced to shut down after a fire, disrupting fuel supplies in the Midwest. Michigan has declared a state of energy emergency, and it's still unclear when the facility will resume operations.

Major data centers are stockpiling generator fuel in case of power outages.

Here’s an explainer on SNAP benefits and who qualifies for them.

Check your chances of falling home prices in your local area with this interactive map:

Opinion: Could El Salvador be the first country to go bankrupt due to crypto?

Food security

Abbott is restarting production of Similac baby formula, which should begin appearing on shelves in about six weeks.

Ukrainian grain exports have exceeded one million metric tons. Forty-four ships have been dispatched to 15 countries, and 70 more applications for loading have been received. Despite this, Ukraine’s grain exports are down by 52.6% compared to previous years. The country could harvest at least 50 million tonnes this year—down from a record 86 million in 2021. Ukraine’s 2022 wheat harvest is 98% complete.

The U.S. corn harvest is the smallest since 2019. Drought and extreme heat have damaged crops across the Midwest, making it increasingly unlikely that the U.S. will be able to fill the supply gap left by the Ukraine conflict.

The global situation, in a nutshell:

Underwhelming yield prospects in the US, China, Europe and India have revived tensions on international #grain markets, while #fertilizer plant shutdowns in Europe in response to high #gas costs are expected to continue adding upward pressure on food prices

— AMIS (@AMISoutlook) August 29, 2022

Here are some aerial views of American corn fields:

For me, I really like corn…

It's CORN!

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