Inflation hits fresh 40-year high of 9.1pc

GGood morning

The latest inflation figures, which hit a new 40-year high in May, are not letting up.

The consumer price index rose to 9.1 percent last month, according to the ONS. That’s from 9pc a month earlier.

Prices rose 0.7 percent on the month alone, slowing down from the 2.5 percent pace recorded in April when the new energy price cap went into effect. Still, the numbers show that prices are rising across the economy.

The retail price index, which is used to determine ticket prices and to which some index-linked bonds are linked, rose 11.7 percent.

All eyes will now be on the Bank of England, which is under pressure to do more to halt runaway inflation.

5 things to start the day off right

1) Global spending on coal projects is expected to increase The IEA expects about $115 billion to be invested in fossil fuel supply chains this year

2) Pioneer vaccine maker Moderna opens first factory in UK The new location would allow for a rapid response to future pandemics

3) Archaic railroad rules mean it takes nine workers to “change an outlet” RMT accused of calling a strike to defend a variety of outdated practices

4) Telecom chiefs summoned to Downing Street to discuss cost of living crisis Industry leaders are being asked for suggestions on how to help customers with rising bills

5) Glencore executives could be charged after the company pleads guilty to bribery How one of Britain’s biggest bribery scandals gripped the Glencore billionaires

what happened overnight

Equities struggled this morning after taking a brief breather from last week’s painful defeat in global markets, with recession fears mounting as central banks hike interest rates to combat decades-high inflation.

While Asia, Wall Street and Europe all posted healthy gains on Tuesday, analysts warned that the gloomy mood on the trading floor means the selling won’t end anytime soon.

In early Asian trade, Hong Kong, Singapore, Sydney, Seoul, Taipei, Jakarta and Manila fell while Tokyo and Shanghai were little moved. There were small gains in Wellington.

Comes today

  • Company: Berkeley Group, Liontrust Wealth Management (annual results); micro focus (split times)
  • Business: consumer price index (UNITED KINGDOM)producer price index (UNITED KINGDOM)retail price index (UNITED KINGDOM)consumer confidence (EU) Inflation hits fresh 40-year high of 9.1pc

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