UK inflation rises at fastest pace in 40 years Business

ggood morning.

We start the day with bleaker numbers on the cost of living crisis as UK inflation hits a 40-year high.

The consumer price index jumped to 9% in April, from 7% the previous month, according to the ONS. Although this was slightly below forecasts of 9.1%, it was still the biggest year-on-year price increase in 40 years.

The sharp rise in April was largely due to a huge rise in energy bills, with the price cap raised by 54%.

It is also likely to get worse. The Bank of England has warned that inflation could top 10% later in the year when the ceiling on energy prices is expected to rise again.

It is the latest sign of the deepening cost of living crisis which has caused a huge drop in the standard of living of British families.

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What happened overnight

Asian stocks were mixed on Wednesday after a strong start in some markets, which took the lead on Wall Street where traders were encouraged by good U.S. retail sales data. Tokyo, Sydney and Singapore rose in trade on Wednesday, helped by a rise in New York.

coming today

• Business : Assura, British Land, Burberry, Experian, Ninety One (annual results); Future, Premier Foods, TBC Bank (temporary); Group Coats (commercial update)
• Economy: Consumer price index (UK)Retail price index (UK)producer price index (UK)inflation (EU)building permit (WE)starts (WE)