The Good News of the World's Greatest Reservoir

Deadly heat waves and record temperatures have hit countries across Asia in recent weeks. In Europe there are a series of droughts as well, with over 37% of the EU is in drought-warning conditions. The Kakhova Reservoir now runs completely dry after Russia blew up the dam making a desertification of the region pretty much all but inevitable. But you want to hear the good news? Despite all the doom and gloom, it's not been enough to boost food prices. Wages growth has been so strong that central banks are worried about permanently sticky, core inflation in the year ahead.