We start the day with another set of impressive inflation data that underscores the escalating cost of living crisis. The consumer price index rose to 10.1% in July – up from 9.4% the previous month and the highest in four decades, according to the ONS. Core inflation, which strips out volatile food and energy costs, came in at 6.2%. The retail price, which is used to price some public services, including train fares, rose to 12.3%. The figures highlight the strain on British families, with inflation forecast to jump above 13% later in the year after another rise in energy bills. The Bank of England has also warned that the UK will sink into a deep recession, with households facing the biggest drop in living standards on record.
5 things to start your day
- Chaos in corporate Britain as wages collapse despite record job vacancies.
- World’s largest airline orders 30 supersonic jets ‘son of Concorde’ Boom planes expected to fly from London to New York in three and a half hours by 2030
- Aldi to overtake Morrisons as UK’s fourth biggest supermarket Cost of living crisis forces shoppers to switch grocers
- Russian gas exports fall by a third in blow to Putin Gazprom could be forced to shut gas fields as it struggles to divert supplies to China
What happened in the night
Tokyo stocks opened higher this morning, with the Nikkei 225 up 0.4% in early trade and the broader Topix climbing 0.5%. Hong Kong stocks opened with healthy gains after a positive lead from Wall Street. The Hang Seng index added 0.8pc. While the Shanghai Composite rose 0.1 percent and the Shenzhen Composite on China’s second bourse also rose 0.1 percent.
It’s coming today
Corporate: Balfour Beatty, Essentra, Persimmon (intermediate) Economics: Inflation (UK), central bank decision (NZ), retail sales, Fed minutes (US)
