Business
Global electric vehicle sales rose 9% year on year in July 2026 to 1.85 million units. Among the major EV markets, Europe experienced the most substantial growth in July. Sales of electric vehicles increased by 33% from the same month a year earlier, reaching approximately 450,000 units. The region’s sales during the first seven months of 2026 also grew by 28%. France saw an 81% annual surge in July and achieved a 37% EV penetration rate. Germany’s sales rose by 46%, while the United Kingdom reported a 43% increase.
South Korea’s vehicle exports hit a new high for July, totaling US$6.24 billion, reflecting a 7.0% increase compared to the same month last year. This record-breaking figure surpasses the previous July record of US$5.90 billion set in 2023, according to the Ministry of Trade, Industry and Resources. In comparison, exports in July 2025 amounted to US$5.83 billion. Domestic vehicle sales also saw a slight rise of 0.5%, reaching 139,000 units, while production increased by 11.3% to 352,000 vehicles.
Diesel prices remain elevated as tight US and European fuel supplies pressure markets. In the US, retail diesel averaged $5.257 a gallon on August 10, down slightly from $5.348 a week earlier but still significantly above the $4.578 average recorded on July 6. During the week ending July 31, distillate inventories decreased by 3.5 million barrels to 107.2 million barrels, according to the EIA. This stockpile was 5.1% lower than a year ago and 16.1% below levels from two years prior. European costs for converting crude into diesel have also hit notable highs. The premium for European low-sulfur gasoil over crude reached a record $74.66 per barrel on July 30. Diesel margins in Europe increased by nearly 10% on August 10, with European Central Bank data indicating diesel pump prices around €1.98 per litre in the third week of July. Their analysis pointed to refining margins contributing approximately €0.35 per litre during the initial three weeks of July, a sharp rise from previous levels. Refinery Interruptions Limit Diesel Supply Disruptions at refineries have further constrained fuel production, compounding an already tight global market. An attack targeted a refinery in Russia’s Tatarstan region, exacerbating reduced Russian refining activity. Saudi Arabia’s Jazan refinery has also remained offline since July 27 following an earlier attack. These issues affect regions that typically
Denmark’s July inflation slowed to 1.7% as consumer price growth eased from June. The consumer price index for July reached 102.92, with 2025 set as the baseline index of 100. Holiday home rentals and package holidays contributed 1.24 percentage points to the monthly increase. Food prices accounted for an additional 0.15 percentage point. Conversely, declines in clothing, hotel accommodation, and footwear prices collectively reduced the monthly inflation rate by 0.34 percentage point.
According to a recent analysis by Triodos Bank, Europe’s scorching summer temperatures and persistent drought conditions may lead to a 1% contraction in EU economic output in 2026. This estimated decline, approximately €180 billion, is nearly equal to the European Commission’s current projection for the region’s growth. The Commission had forecasted a 1.1% rise in EU gross domestic product for this year in May. The comparison underscores the magnitude of weather-related damages highlighted in the bank’s findings.
The ongoing heat wave in South Korea has led to significant increases in the prices of fresh vegetables, as prolonged extreme temperatures hinder shipments and damage agricultural yields nationwide. According to data from Korea Agro-Fisheries & Food Trade Corp., spinach was priced at 1,978 won per 100 grams on Aug. 7, representing a 152.3% surge compared to the previous month. The cost of ten cucumbers reached 8,313 won, marking a 54.8% rise. Blue lettuce saw a 41.7% increase, while zucchini climbed 46.6% to 1,504 won.