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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.

5 things to start your day

1) Global Coal Project Spending Set to Rise The IEA expects about $115 billion to be invested in fossil fuel supply chains this year

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

3) Archaic rail rules mean it takes nine workers to ‘change a socket’ RMT accused of calling a strike to defend a host of outdated practices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 corruption scandals engulfed Glencore’s billionaires

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)