Good morning.
The latest inflation figures, which reached a new high of 40 in May, are unstoppable.
The consumer price index rose to 9.1% last month, according to the ONS. That’s more than the 9 units a month before.
Prices rose 0.7% in the month alone, marking a slowdown from the 2.5% rate in April when the new energy price cap came into effect. However, the figures show that prices are rising throughout the economy.
The retail price index, which is used to determine train ticket prices and to which some good indices are linked, rose 11.7%.
Now all eyes will be on the Bank of England, which is under pressure to do more to stop rampant inflation.
5 things to start the day
1) Global spending on coal projects is expected to increase The IEA expects to invest about $ 115 billion in fossil fuel supply chains this year
2) Pioneer vaccine maker Moderna to open first factory in Britain New site to provide quick response to future pandemics
3) Archaic railway rules mean nine workers are needed to “change a plug” RMT accused of calling strike to defend multitude of obsolete practices
4) Telecommunications chiefs convened in Downing Street to discuss the cost of living crisis Industry leaders will be asked for suggestions on how to help struggling customers with rising bills
5) Glencore executives could face charges after the company pleads guilty to bribery As one of the largest bribery scandals in the UK engulfed Glencore billionaires
What happened overnight
Shares have struggled this morning after a brief respite from last week’s painful defeat in world markets, with fears of recession continuing to rise as central banks raise interest rates to fight decades-high inflation .
While Asia, Wall Street and Europe enjoyed strong gains on Tuesday, analysts warned that the unpleasant mood on the trading floor means the sale is unlikely to end soon.
At the beginning of Asian trade, Hong Kong, Singapore, Sydney, Seoul, Taipei, Jakarta and Manila fell, while Tokyo and Shanghai barely moved. There were small gains in Wellington.
Arrive today
- Corporate: Berkeley Group, Liontrust Asset Management (annual results); Micro Focus (interim)
- Economy: Consumer Price Index (UK), Producer Price Index (UK), Retail Price Index (UK), Consumer Confidence (EU)