ECB chief economist LANE said food inf is relatively low at present.

On the 17th, US President Trump said secret communications between US officials and Iran's Islamic Revolutionary Guard Corps (IRGC) remain open and urged Iran to "raise the white flag and surrender." He told Fox News the private channel persists despite Iran's public confrontational posture, said his approach is unrelated to the US midterm elections, and added "I have no timetable, I'm not in a hurry." The IRGC rejected the claim as a "hallucination," saying its officials have not held secret talks and calling Trump's statements a "lie" born of "war failures and despair."

China’s Foreign Ministry said on Aug. 18 it had noted reports the US embassy in the Philippines plans a Palawan-based center to help Filipino fishermen report illegal fishing and will closely monitor developments. Spokesman Lin Jian said China does not oppose routine US-Philippine cooperation but said such activity should promote mutual understanding and regional stability and must not target third parties or harm third-party interests.