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Inflation hits 40-year high of 9.1pc

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Good morning. 

There’s no let-up in the latest inflation figures, which hit a new 40-year high in May.

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

Prices rose 0.7pc in the month alone, which marks a slowdown from the 2.5pc pace recorded in April when the new energy price cap came into effect. Still, the numbers show prices are rising across the economy.

The retail price index, which is used to determine train ticket prices and to which some index-linked bonds are pegged, surged 11.7pc.

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

5 things to start your day 

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

2) Pioneering vaccine maker Moderna to open first factory in Britain  The new site would allow a rapid response to future pandemics 

3) Archaic rail rules mean it takes nine workers to ‘change a plug socket’  RMT accused of calling strike to defend host of outdated practices 

4) Telecom chiefs summoned to Downing Street to discuss 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 company pleads guilty to bribery  How one of Britain’s biggest bribery scandals engulfed the Glencore billionaires

What happened overnight 

Equities struggled this morning after a brief respite from last week’s painful rout across world markets, with recession fears continuing to build as central banks hike interest rates to combat decades-high inflation.

While Asia, Wall Street and Europe all enjoyed healthy gains on Tuesday, analysts warned the downbeat mood on trading floors means the selling is unlikely to end any time soon.

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

Coming up today

  • Corporate: Berkeley Group, Liontrust Asset Management (full-year results); Micro Focus (interims)
  • Economics: Consumer price index (UK), producer price index (UK), retail price index (UK), consumer confidence (EU)

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