China's consumer price index (CPI), a main gauge of inflation, rose 1.2 percent year on year in May, official data showed Wednesday.

The Confederation of British Industry (CBI) downgraded its expectations for economic growth in its latest forecast on Tuesday, warning that geopolitical tensions and higher energy costs are set to weigh on British households and businesses through 2027.

Russia's GDP has grown by more than 10 percent over the past three years, reaching 215 trillion rubles (about 2.98 trillion U.S. dollars), Russian Security Council Deputy Chairman Dmitry Medvedev said Tuesday.

China's consumption sector sustained a steady recovery last month, while its emerging industries posted strong growth momentum, according to data from a government think tank.

"We anticipate that seamless integration of inland waterways and sea transport will significantly improve transportation timeliness," said Huang Yujie, general manager of Guangxi Wuchan Cold Chain Logistics Co.

Chinese and Brazilian officials held a financial and economic meeting in Beijing on Tuesday, where they pledged to further deepening financial and economic cooperation amid a turbulent world economy, according to the Chinese Ministry of Finance (MOF).