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Home›Spain business›UK inflation hits 40-year high amid global recession warnings

UK inflation hits 40-year high amid global recession warnings

By James K. Martin
June 22, 2022
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There is no respite from the latest inflation figures, which hit a new 40-year high in May.

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

Prices rose 0.7% in the month alone, marking a slowdown from the 2.5% pace recorded in April when the new energy price cap took effect. Yet the figures show that prices are rising across the economy.

The retail price index, which is used to determine the price of train tickets and to which certain indexed bonds are indexed, jumped 11.7%.

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

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What happened overnight

Stocks struggled this morning after a brief respite from last week’s painful rout in global markets as fears of recession continued to grow as central banks raised interest rates to tackle high inflation since decades.

While Asia, Wall Street and Europe all posted healthy gains on Tuesday, analysts warned that the pessimistic mood on trading floors means the selloff isn’t likely to end any time soon.

At the start of Asian trade, Hong Kong, Singapore, Sydney, Seoul, Taipei, Jakarta and Manila all fell, while Tokyo and Shanghai barely budged. There were small gains in Wellington.

coming today

  • Company : Berkeley Group, Liontrust Asset Management (annual results); Micro focus (temporary)
  • Economy: Consumer price index (UK)producer price index (UK)Retail price index (UK)consumer confidence (EU)

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