Fuel prices push inflation to a new 30-year high of 7% Business

ggood morning.

There is more gloomy economic data to start the day, as inflation rose even more than expected in March.

The consumer price index jumped to 7% – a new 30-year high – as the war in Ukraine pushed prices higher. The figure is up from 6.2pc in February and beat expectations of 6.7pc.

Growth was driven by broad price increases across the economy, including restaurants, furniture and clothing, as well as energy and food.

Inflation is expected to worsen further when the price cap hike begins this month, putting pressure on Chancellor Rishi Sunak to do more to help struggling households.

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What happened overnight

Asian stocks were mostly higher on Wednesday on hopes U.S. interest rate restrictions may ease after new data showed signs of easing inflation.

Benchmarks rose in early trading in Japan, South Korea and Australia, while falling in China.

Japan’s benchmark Nikkei 225 jumped 1.4% in morning trade to 26,703.18. Australia’s S&P/AS 200 added 0.2pc to 7,465.30.

The South Korean Kospi rose 0.7% to 2,686.14. Hong Kong’s Hang Seng was down 0.2pc at 21,276.10, while the Shanghai Composite was down 0.6pc at 3,194.69.

coming today

  • Business : Tesco (annual results)PageGroup, PZ Cussons (commercial statement)
  • Economy: Consumer price index (UK)producer price index (UK)Retail price index (UK)trade balance (China)

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This notice was published: 2022-04-13 07:04:19

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