FTSE 100 Live: Inflation rate surges to 9% after energy bill hike

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nflation today jumped to a 40-year high of 9% after cost of living pressures were fueled by April’s big rise in energy bills.

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The annual rate of CPI inflation compared with 7% the previous month, while the retail prices index that’s still used in some price calculations soared from 9% to 11.1%.

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The figures, which were in line with City expectations, increase the pressure on the Bank of England to hike interest rates for a fifth time in a row when policymakers meet next month.

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US markets strengthen after retail sales lift

US markets rebounded yesterday after a solid retail sales report for April allayed some of the fears about the impact of rising prices on consumer confidence.

The month-on-month growth of 0.9% was in line with Wall Street expectations and followed an upwardly revised figure for March of 1.4%.

The Nasdaq jumped more than 2.5% and the S&P 500 rose 2% after a stronger session for some of the largest tech sector names, including Apple and Amazon after gains of 2.5% and 4% respectively.

Their rise came as Federal Reserve chairman Jerome Powell said the central bank had “both the tools and the resolve to get inflation back down”.

The Fed hiked interest rates by the largest amount since 2000 in May and is set to do the same next month and at the following meeting.

US futures are pointing to a flat start later, while the CMC Markets has called the FTSE 100 index to open four points lower at 7514. The top fight rose 53.5 points yesterday.


Credit: www.standard.co.uk /

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