The whole story: Inflation hits 7% in March as Britain’s cost of living soars
Richard Partington Households in Britain are once again under pressure from rising cost of living as official inflation hit 7% last month amid a record rise in petrol and diesel prices. Data from the National Statistics Office showed that the latest rise in the consumer price index was the fastest in three decades, a month after the barometer for rising cost of living jumped 6.2% in February. With prices soaring across the economy, the biggest increase in pump filling costs since Russia’s invasion of Ukraine has pushed world oil prices close to record levels amid worries about supply cuts and sanctions. inflation in the United Kingdom Average petrol and diesel prices hit record highs of 160.2 p and 170.5 liters respectively, up more than 30% last year – the largest annual increase since 1989. Restaurant and hotel prices also rose sharply in March, as they were not available last year during the lockdown, and there were also increases in various types of food as the cost of a weekly store increased. Here is the full story: Updated at 10.35 BST 8 hours ago 18:09
Close post
Time to conclude … here are the main stories of today, first about inflation: …Russia… Moreover: Good night. GW Updated on 18.12 BST 8 hours before 18:08 US Treasury Secretary Janet Glenn’s warning to countries not to undermine sanctions against Russia came just hours after data showed that China’s trade with Russia jumped more than 12% in March from a year earlier. That outpaced Beijing’s trade with the rest of the world, according to Chinese customs officials. My colleague Phillip Inman explains: Shipments to and from Russia rose 12.76% in March to $ 11.67 billion, according to Chinese customs data on Wednesday, slowing growth to 25.7% in February when Russia launched its invasion. in Ukraine. The decline in trade with Russia was less severe than the decline with other countries, fueling concerns that China maintains strong ties with Moscow despite the atrocities committed by the Russian military in Ukraine. Growth in trade with the rest of the world in March was just 7.75%, rising to $ 505 billion. Beijing has refused to characterize Russia’s action as an invasion and has repeatedly criticized what it says are illegal Western sanctions to punish Moscow. 8 hours ago 17:56
Closing the European market
European stock markets closed slightly during the day, as worries about rising inflation and slowing growth occupied the minds of investors. The FTSE 100 index of blue-chip shares completed just 4 points higher at 7,580, with the IAG aviation group (+ 3.8%) leading the upside. Michael Hewson of CMC Markets explains: Shares of British Airways-owned IAG are doing well following optimistic outlook from its US counterparts Delta Airlines and American Airlines. Delta said it had seen record bookings amid optimism that it would be profitable in the remaining quarter of this fiscal year. Supermarket shares fell, however, with Tesco falling 2% after warning that a rise in prices would hurt its profits and rival Sainsbury’s falling 2.4%. Major home builders lost about 2% after the government announced that more than 35 home builders had agreed to spend 2 2 billion to repair unsafe investment in high-rise buildings in England identified after the Grenfell Tower collapsed. Michael O’Shea, a construction partner at law firm Gowling WLG, says the deal is an “important step” in resolving the overall issue. It will be interesting to see how measures for other fire safety defects – such as defective compartments, fire doors and other non-lined defects that allow smoke and flame to spread – are dealt with proactively by the advancing industry. “Whether the insurance industry is now following suit is also a key factor – ensuring that the nature of the cause and effect of the whole process is fully appreciated is an important dynamic here.” The pan-European Stoxx 600 index closed the day steadily, with the Italian FTSE MIB 0.2% higher, but the German DAX falling 0.35% as meteorologists forecast a sharp decline if Germany introduces an immediate ban on Russian energy. Updated at 18.48 BST 9 hours ago 17:33 Annual inflation in Russia accelerated to 17.49% on April 8, the highest level since February 2002 and up from 16.70% last week, the Economy Ministry said, after the last price increase last week: 9 hours ago 17:10
Consumer prices in Russia rose by almost 11% year on year
People walk on Red Square in Moscow at the end of last month. Photo: Maxim Shemetov / Reuters Consumer prices in Russia have soared by almost 11% so far this year, according to new inflation data. This is despite the easing of inflationary pressures last week, as the ruble recovered from its fall when the war in Ukraine began, as Reuters explains: Weekly inflation in Russia slowed to 0.66% on the week to April 8 from 0.99% a week earlier, raising consumer prices up from 10.83% year-on-year, according to Rosstat. on Wednesday. In the same period a year ago, consumer prices rose by 2.72%. This follows a 7.6% rise in prices in March, the largest monthly increase since 1999. (Reuters) – Weekly inflation in Russia slowed to 0.66% weekly on April 8 from 0.99% a week earlier, raising annual consumer prices to 10.83%, according to Rosstat. on Wednesday. – Carl Quintanilla (@carlquintanilla) April 13, 2022 Russia’s central bank said last Friday that inflationary pressures had eased as it cut interest rates from 20 percent to 17 percent. But price pressures are still strong. Earlier today, the head of Russia’s Chamber of Control, Alexei Kudrin, predicted that inflation could reach between 17% and 20% this year. Analysts polled by Reuters late last month predicted that inflation in 2022 would accelerate to about 23.7%, the highest level since 1999. 9 hours before 17:00 Jasper Jolly Photo: Piroschka Van De Wouw / Reuters The Dutch bank ABN Amro apologized for the role of its predecessors in the slave trade, after commissioning an investigation into the “unspeakable troubles” it caused. A study by academics at the International Institute of Social History (IISH), an Amsterdam archive, found that two of ABN Amro’s forerunners were either involved in financing the operation of slave plantations directly or in undertaking trade in slave products. The global Black Lives Matter protests that followed the assassination of George Floyd in the United States in 2020 prompted many historic institutions to reconsider their links to slavery and the slave trade. Here is the full story: 9 hours ago 16:50
World Bank, IMF, WFP and WTO call for urgent action on food crisis
The leaders of the World Bank, the IMF, the World Food Program and the World Trade Organization have called for urgent coordinated action on food security. As the war in Ukraine threatens to push millions more into poverty, David Malpass, Kristalina Georgieva, David Beasley and Ngozi Okonjo-Iweala say rising commodity prices and supply shortages are putting pressure on households worldwide. They urge the international community to help vulnerable countries, including emergency food supplies, financial support to households and countries, and grants to meet urgent economic needs, as well as increase agricultural production and ensure open trade. In a joint statement, Malpass, Georgieva, Beasley and Okonjo-Iweala stated: The threat is higher for the poorest countries with a large share of consumption from food imports, but the vulnerability is growing rapidly in middle-income countries, which host the majority of the world’s poor. “The World Bank estimates that for every one percentage point increase in food prices, 10 million people fall into extreme poverty worldwide.” “Rising food prices are exacerbated by the dramatic rise in the cost of gas, a key component of nitrogen fertilizers. Rising fertilizer prices along with significant cuts in global supplies have a significant impact on food production in most countries, including large producers and exporters, who rely heavily on fertilizer imports. “Rising food prices and supply shocks can fuel social tensions in many of the affected countries, especially those that are already fragile or affected by conflict.” 10 hours ago 16:19
Yellen: He is more concerned about the prospects for recession in Europe than about the United States
US Treasury Secretary Janet Yellen has also warned that global economic growth will be affected by Russia’s war in Ukraine. Yellen said it had sent food, energy and some metals prices sharply higher, fueling existing inflationary pressures (as we have seen today in the UK). Reuters has more details: “It’s likely to be a blow to global growth,” Yellen told a think tank hosted by the Atlantic Council, adding that she was “more concerned about the prospects for a recession” in Europe, which was more vulnerable to energy shortages than Russia. The United States had a “very strong economy and a very strong labor market,” Yellen said, but also faced “strong, strong wage pressures”, inflation and the potential for further supply chain pressures due to the COVID-19 lockdown in China. US Treasury Department Sec. Yellen: – I’m more concerned about the prospects for a recession in Europe – We are at a very critical juncture for the global economy – DailyFX Team Live (@DailyFXTeam) April 13, 2022 US Treasury Department Sec. Yellen: – I’m more concerned about the prospects for a recession in Europe – We are at a very critical juncture for the global economy – DailyFX Team Live (@DailyFXTeam) 13 April 2022 10 hours before 16:15 US Treasury Secretary Janet Yellen will convene a meeting of top international financial officials next week to address the global food security crisis following Russia’s invasion of Ukraine. Yellen says she was deeply concerned about the impact of Russia’s war on Ukraine on world food prices and …
