US Inflation Hits New 40-Year High; euro falls below the dollar for the first time since 2002, as it happened | Business

UK economy grows 0.5% in May

The UK economy surprised us with 0.5% growth in May, following a 0.2% decline in April (revised from a 0.3% decline). The growth was fueled by a boom in holiday bookings and a large increase in GP appointments.

And for the three months to May, GDP rose 0.4%, according to figures from the Office for National Statistics. Economists expected zero growth only in May and in the three months through May, amid the cost-of-living crisis.

The Bank of Canada has just raised interest rates by 100 basis points, more than expected, to 2.5%, citing “higher and more persistent” inflation than anticipated.

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Higher gasoline and food prices have pushed US inflation to a new 40-year high of 9.1%. The data cemented expectations of a 75 basis point rate hike from the Federal Reserve at the end of this month, and more aggressive rate hikes further out.

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European shares sold off on the news, oil prices fell with Brent crude heading below $100 a barrel, and the dollar index jumped to a 20-year high. Stocks on Wall Street are also down.

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The euro briefly dropped below parity against the dollar for the first time in almost two decades. At 1.45pm BST, it was changing hands at $0.998, down 0.4% on the day, its lowest level since December 2002. It is now trading a $1.0017, down 0.2% on the day. Sterling is trading at its lowest levels since March 2020, down 0.2% at $1.1863.

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The single currency has lost more than 10% so far this year, battered by fears over recession and Europe’s energy crisis because of Russia’s invasion of Ukraine

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The UK economy grew by by 0.5% in May, rather than showing no change as expected, fuelled by a holiday boom and a big rise in GP appointments. But economists warn that this strength could be short lived amid the cost of living crisis, and the think tank NIESR said it was ‘touch and go’ as to whether the economy entered recession in the second quarter. Here is our analysis of the data.

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Thank you for reading. Take care and enjoy the sun if you can. We’ll be back tomorrow. Bye! – JK

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The Bank of Canada has raised interest rates by 100 basis points to 2.5% – while markets had been expecting a small hike of 75bps. The central bank said in a statement:

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Inflation in Canada is higher and more persistent than the Bank expected in its April Monetary Policy Report, and will likely remain around 8% in the next few months. While global factors such as the war in Ukraine and ongoing supply disruptions have been the biggest drivers, domestic price pressures from excess demand are becoming more prominent. More than half of the components that make up the CPI are now rising by more than 5%.

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The euro briefly dropped below parity against the dollar for the first time in almost two decade, as the dollar index jumped after US inflation jumped more than expected to 9.1%.

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At 1.45pm BST, it was changing hands at $0.998, down 0.4% on the day, its lowest level since December 2002. The single currency has lost more than 10% so far this year, battered by fears over recession and Europe’s energy crisis because of Russia’s invasion of Ukraine.

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US inflation has come in higher than expected at an annual rate of 9.1% in June (versus expectations of 8.8%), a new 40-year high, and up from 8.6% in May. The core rate, which excludes food and energy costs, edged down to 5.9% from 6%.

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Britain’s competition watchdog has started investigating if Morrisons’ acquisition of 1,160 McColl’s convenience stores would lead to less competition.

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The UK supermarket bought the stores in a so-called pre-pack administration. The Competition and Markets Authority has set a deadline of 8 September for its initial decision.

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Morrisons’ which is lagging behind market leader Tesco, along with Sainsbury’s and Asda, has a wholesale supply deal with McColl’s. More than 200 McColl’s shops have been converted to Morrison’s Daily stores, with a target of 450 by November.

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watchdog investigates Morrisons’ purchase of McColl’s”,”contributors”:[],”primaryDateLine”:”Wed 13 Jul 2022 10.05 EDT”,”secondaryDateLine”:”First published on Wed 13 Jul 2022 01.52 EDT”},{“id”:”62cea9678f0870111a564f8a”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The global oil market is “walking a tightrope” between scarce supply and the possibility of a recession, the Paris-based International Energy Agency said today, as higher prices and worsening economic conditions are already affecting demand.

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The IEA said in its monthly report:

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\n

Rarely has the outlook for oil markets been more uncertain. A worsening macroeconomic outlook and fears of recession are weighing on market sentiment, while there are ongoing risks on the supply side.

\n

For now, weaker-than-expected oil demand growth in advanced economies and resilient Russian supply [has reduced market tightness].

\n

“,”elementId”:”12aeb1cc-17c5-42e7-85af-4f4aae13ad30″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

But it trimmed its demand outlook for this year by just 200,000 barrels per day. The agency is now forecasting an annual rise of 1.7m bpd in 2022 and 2.1m bpd in 2023, led by strong growth in emerging economies.

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The IEA also said that even though Russian oil exports have hit their lowest levels since last August, the country’s revenues from crude increased $700m month on month to $20.4bn, 40% above last year’s average, because of higher oil prices. The profits supported Russia’s invasion of Ukraine, a situation the IEA described as “untenable”.

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Discussions are ongoing to identify a solid market mechanism to ensure effective implementation and enforcement [of a cap on the Russian oil price].

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The French inflation rate was confirmed at 5.8% in June, the highest level on record and up from 5.2% in May, driven by a 33% surge in energy prices.

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The final estimate from the French statistics office confirmed the initial estimate and was the highest since records began in 1997.

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In Spain, inflation jumped to 10.2% last month from 8.7%, marking the highest rate since 1985.

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French economy shows resilience amid record inflation, Ukraine war https://t.co/HkBRH0sHVU via @WHorobin pic.twitter.com/KHz9Uo89UG

— Zoe Schneeweiss (@ZSchneeweiss) July 13, 2022

\n”,”url”:”https://twitter.com/ZSchneeweiss/status/1547084663986032640″,”id”:”1547084663986032640″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”01dd83e8-6d1d-40bb-a2bd-984fed88b0ec”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In Germany, inflation was 7.6% in June, pushed up by higher energy costs and a jump in food prices to an annual rate of 12.7%.

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Good Morning from #Germany where food prices jumped 12.7% YoY in June, the highest food price #inflation since the start of the statistic. pic.twitter.com/d7NdbFXyFR

— Holger Zschaepitz (@Schuldensuehner) July 13, 2022

\n”,”url”:”https://twitter.com/Schuldensuehner/status/1547138719727190018″,”id”:”1547138719727190018″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”ad69525e-867e-49f5-bcc8-0412b38e782a”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1657706836000,”blockCreatedOnDisplay”:”06.07 EDT”,”blockLastUpdated”:1657707533000,”blockLastUpdatedDisplay”:”06.18 EDT”,”blockFirstPublished”:1657707533000,”blockFirstPublishedDisplay”:”06.18 EDT”,”blockFirstPublishedDisplayNoTimezone”:”06.18″,”title”:”Inflation picks up in France, Spain; food prices high in Germany”,”contributors”:[],”primaryDateLine”:”Wed 13 Jul 2022 10.05 EDT”,”secondaryDateLine”:”First published on Wed 13 Jul 2022 01.52 EDT”},{“id”:”62ce8cd88f0852fc5f6bba76″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

European stock markets are sliding. The UK’s FTSE 100 index has lost 54 points, or 0.76%, to 7,155. Germany’s Dax is down 84 points, or 0.65%, at 12,820, France’s CAC has slipped 20 points, or 0.3%, to 6,023 and Italy’s FTSE MiB has lost 187 points, or 0.87%, to 21,298.

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The euro and the pound are little changed on the day. The euro is still flirting with parity versus the dollar, trading at $1.0033, a 20-year low, while sterling is at $1.1888, the lowest since the onset of the Covid pandemic in March 2020.

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Crude oil prices are climbing again, reversing earlier declines. Brent crude is $1.32 ahead at $100.78 a barrel, while US light crude has added $1.25 to $97.09 a barrel.

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British and Dutch wholesale gas prices are also up, fuelled by worries over Norwegian supplies after an unplanned outage resulted in a loss of 70m cubic metres a day of production, affecting exports to the UK and Europe.

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Both the British day-ahead and the within-day contracts rose by 60p to 300p per therm – up 25% and 27% respectively – while the contract for weekend delivery increased 50p, or 22%, to 280p per therm.

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Both the Dutch benchmark month-ahead contract and day-ahead contracts rose around 5%, to €183.25 and €183.50 per megawatt hour respectively

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The pub chain JD Wetherspoon has warned of full-year losses after being forced to raise staff wages amid a recruitment crisis, higher spending on repairs and marketing and a slow recovery in bar trade. The profit warning sent its share price down more than 10%.

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Wetherspoon, which has more than 800 pubs across the UK and Ireland, is forecasting a loss of £30m for the year to the end of July, after previously saying that it would break even. It partly blamed the working from home trend for the “slower and more laborious than anticipated” recovery.

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The chair of Wetherspoon, Tim Martin, pointed to rising inflation and the “unintended consequences” of the government’s coronavirus lockdowns, including many people leaving the workforce via early retirement.

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\n

Many people now work from home, rather than from offices, which has had a significant impact on transport and hospitality businesses.

\n

The ‘fear factor’, used by governments to encourage compliance with lockdowns and restrictions, has also had lingering after-effects, with many people remaining cautious about leaving their homes.

\n

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The group’s latest trading update showed like-for-like sales in the first 11 weeks of its fourth quarter to July 31 were 0.4% below the same pre-pandemic period in 2019. However, this was an improvement on the previous quarter, when they fell 4%.

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Sales of draught ales, lagers and ciders – previously the biggest driver of pub trade – were 8% below 2019 levels, it revealed.

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\n

Many people predicted a boom in pub sales when lockdowns and restrictions ended due to pent-up demand, but recovery for many companies has been slower and more laborious than was anticipated.

\n

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hit by WFH and inflation”,”contributors”:[],”primaryDateLine”:”Wed 13 Jul 2022 10.05 EDT”,”secondaryDateLine”:”First published on Wed 13 Jul 2022 01.52 EDT”},{“id”:”62ce841f8f0870111a564d7e”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The UK accounting watchdog has “severely reprimanded” the auditor of the fashion retailer Laura Ashley, which collapsed into administration during the pandemic, and fined it £300,000.

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The Financial Reporting Council said it had fined UHY Hacker Young for its failings in its audit of the retailer for the financial years ending June 2019 and 2018. Martin Jones, a partner at the firm, also received a severe reprimand, along with a £45,000 fine. The penalties were discounted for admissions, so the firm will pay £217,500 and Jones £32,625.

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Laura Ashley’s revenues and profits declined between 2016 and 2019 and its loss after tax increased tenfold from £1.4m in 2018 to £14m in 2019, but the audit reports noted no material uncertainty related to the use of the going concern assumption, the watchdog said.

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Jamie Symington, deputy executive counsel at the FRC, said:

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\n

The breaches in this case were serious and spanned two audit years affecting multiple areas of the audits, some which were fundamental to the proper conduct of audit. These included the auditors’ failure to adequately challenge or investigate management’s use of the going concern assumption – i.e. that the company would remain in business for the foreseeable future – despite this being identified as a significant risk for the financial year 2018 audit due to the state of the retail sector.

\n

UHY further failed to respond appropriately to criticism of their work by the FRC’s audit quality review team, leading to a repeat in the FY2019 audit of certain breaches which occurred in the FY2018 audit.

\n

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Ashley auditor fined”,”contributors”:[],”primaryDateLine”:”Wed 13 Jul 2022 10.05 EDT”,”secondaryDateLine”:”First published on Wed 13 Jul 2022 01.52 EDT”},{“id”:”62ce75548f08f97b5b5ce550″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Online fashion specialist Boohoo has become the latest retailer to start charging shoppers to return items, writes Joanna Partridge.

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Boohoo customers will now have to pay £1.99 when they send unwanted goods back, and the cost will be deducted from the amount they are refunded.

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The move by the retailer, which was first reported by Retail Week, came into effect on 4 July.

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If shoppers make multiple returns from the same order, they will be charged the returns fee each time.

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Other high street retailers including Next and Uniqlo already charge for returns, while Zara said earlier this year that it was introducing a £1.95 fee for online returns.

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Asos said last month that it was facing a “significant increase” in returns from shoppers, contributing to its latest profit warning.

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starts charging for returns”,”contributors”:[],”primaryDateLine”:”Wed 13 Jul 2022 10.05 EDT”,”secondaryDateLine”:”First published on Wed 13 Jul 2022 01.52 EDT”},{“id”:”62ce6fdc8f08f97b5b5ce530″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The National Institute of Economic and Social Research, a respected UK think tank, has tweeted:

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With plenty of room for revisions, it looks like touch and go as to whether or not the UK economy entered recession in the second quarter.

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If April #activity was more encouraging than the headline figure suggested – with strong consumer-facing #services dragged down by the reduction in #vaccinations – the opposite may be true in May. Headline growth of 0.5% owed much to rising #GP visits, while sectors like

1/3

— National Institute of Economic and Social Research (@NIESRorg) July 13, 2022

\n”,”url”:”https://twitter.com/NIESRorg/status/1547112933527805952″,”id”:”1547112933527805952″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”67c580f1-cde7-4cd7-9323-7ba658fdf1c1″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1657696220000,”blockCreatedOnDisplay”:”03.10 EDT”,”blockLastUpdated”:1657696409000,”blockLastUpdatedDisplay”:”03.13 EDT”,”blockFirstPublished”:1657696322000,”blockFirstPublishedDisplay”:”03.12 EDT”,”blockFirstPublishedDisplayNoTimezone”:”03.12″,”title”:”NIESR: ‘touch and go’ whether UK economy entered recession in Q2″,”contributors”:[],”primaryDateLine”:”Wed 13 Jul 2022 10.05 EDT”,”secondaryDateLine”:”First published on Wed 13 Jul 2022 01.52 EDT”},{“id”:”62ce5f1c8f08f97b5b5ce4b5″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The UK economy has surprised us with 0.5% growth in May, following April’s 0.2% decline (revised from a 0.3% drop). Growth was fuelled by a boom in holiday bookings and a large rise in GP appointments.

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And over the three months to May, GDP rose 0.4%, according to figures from the Office for National Statistics. Economists had expected zero growth in May alone, and in the three months to May, amid the cost of living crisis.

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Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.

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We will get a new health check on the UK economy this morning as May’s GDP numbers are released.

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The official data, due at 7am BST, comes amid concerns that Britain could be hurtling towards recession, as households and businesses are gripped by a cost of living crisis.

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Analysts are forecasting that Britain’s economy ground to a halt in the three months to May, following 0.2% growth in the previous three months. GDP in May alone is also forecast to show no change, after April’s 0.3% decline.

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We are also getting UK trade and industrial production figures at the same time, as well as the final estimate for German inflation in June (forecast: 7.6%), followed by final estimates for French and Spanish inflation a bit later.

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Michael Hewson, chief market economist at CMC Markets UK, said:

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The most recent April GDP numbers showed that the UK economy contracted by 0.3%, a much bigger decline than was expected. On the face of it the numbers were very disappointing, however the fall was largely driven by the end of the NHS test and trace program, as the Covid free testing regime came to an end. Given that this is a one-off effect, and won’t be repeated, the actual numbers, although poor, weren’t as bad as they appear, despite the difficult macro backdrop.

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As we look to today’s May numbers the outlook isn’t likely to improve significantly even if we see a modest improvement. Fuel prices are set to go even higher with daily reports of record highs for diesel as well as petrol, as it becomes more and more expensive to fill up. At some point this will lead to demand destruction as consumers prioritise spending on essentials.

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“,”elementId”:”ec4c0cd0-3d31-453d-a906-44ebcdd7a378″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Philip Shaw, chief economist at Investec, said:

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It is likely the rising cost of living continued to impact the UK economy, which is unlikely to be offset by a potential rebound in the production sector from a weak April. We expect that UK GDP contracted by 0.2% in May, relative to April.

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What will likely be the most-watched release is the US CPI [consumer price index] report. Last month’s unexpected jump to 8.6%, when many thought inflation had peaked, helped trigger the Fed’s 75 basis point rate increase.

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This afternoon, the highlight is US inflation for June, with economists forecasting a rise to a new 40-year high of 8.8% from 8.6%.

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The Bank of Canada is expected to raise interest rates again today, by 75 basis points to 2.25%, foreshadowing a similar move by the US Federal Reserve at the end of this month.

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On the markets, the euro remains in focus. The single currency was within a whisker of hitting parity against the dollar yesterday, hit by fears of recession and an energy supply crisis, and sank to $1.00001 at one stage. It is now trading at $1.003, its lowest level in 20 years and down almost 12% this year. The pound also hit a fresh two-year low below $1.19 yesterday, and is currently at $1.1901, up 0.1% on the day.

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Asian stock markets have eked out some modest gains, with Japan’s Nikkei rising 0.4%, Hong Kong’s Hang Seng and the Shanghai composite gave up earlier gains and were flat. European stock markets are expected to slip at the open.

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The Agenda

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  • 9am BST: International Energy Agency oil market report
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  • 10am BST: Eurozone industrial production for May
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  • 1.30pm BST: US inflation for June (forecast: 8.8%)
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  • 3pm BST: Canada interest rate decision (forecast: 2.25% from 1.5%)
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Key events:

closing summary

The Bank of Canada just raised interest rates by 100 basis points, more than expected, to 2.5%, citing “higher and more persistent” inflation than expected.

Higher gas and food prices have pushed US inflation to a new 40-year high of 9.1%.. The data cemented expectations of a 75 basis point rate hike by the Fed later this month, and more aggressive rate hikes later.

European stocks sold off on the news, oil prices fell with Brent crude below $100 a barrel and the dollar index jumped to a 20-year high. Stocks on Wall Street have also fallen.

The euro briefly fell below parity against the dollar for the first time in nearly two decades. At 1:45pm BST, it was changing hands at $0.998, down 0.4% on the day, its lowest level since December 2002. It now trades at $1.0017, down 0.2% on the day. . Sterling is trading at its lowest levels since March 2020, down 0.2% at $1.1863.

The single currency has lost more than 10% so far this year, hit by fears about recession and Europe’s energy crisis due to Russia’s invasion of Ukraine.

The UK economy grew by 0.5% in May, instead of showing no change as expected, fueled by booming holidays and a big rise in GP appointments. But economists warn this strength could be short-lived amid the cost-of-living crisis, with think tank NIESR saying it was “touch and go” as to whether the economy entered a recession in the second quarter. Here is our analysis of the data.

Our other top stories:

Thank you for reading. Take care and enjoy the sun if you can. We’ll be back tomorrow. Bye! -JK

Bank of Canada raises rates by 100 basis points

The Bank of Canada has raised interest rates by 100 basis points to 2.5%, while markets were expecting a small 75bp increase. The central bank said in a statement:

Inflation in Canada is higher and more persistent than the Bank expected in its April report Monetary Policy Report, and will probably remain around 8% in the coming months. While global factors such as the war in Ukraine and ongoing supply disruptions have been the main drivers, domestic price pressures from excess demand are becoming more prominent. More than half of the components that make up the CPI are now rising by more than 5%.

On Wall Street, the Dow Jones Industrial Average fell 375 points, or 1.2%, to 30,605 at the open. The S&P 500 lost 51 points, or 1.4%, to 3,767, while the tech-heavy Nasdaq fell 194 points, or 1.7%, to 11,070.

James Knightley, chief international economist at ING, said:

This is the fastest headline inflation rate since November 1981, and the only shred of consolation is that it didn’t go as high as yesterday’s bogus report that suggested a 10% headline reading.

US inflation is above 9%, but it is the breadth of price pressures that really worries the Fed. With supply conditions showing little sign of improvement, the onus is on the Fed to hit the brakes through higher rates to allow demand to better match supply conditions. The threat of recession is growing.

The Federal Reserve now recognizes that it has a responsibility to curb demand through higher interest rates. But by delaying his response and now having to move policy faster and deeper into restrictive territory, there is clearly the fear of a recession. The Fed has accepted that weaker growth is the price we have to pay to control inflation.

We continue to expect a 75bps hike in July with 50bps moves in September and November, followed by a 25bps hike in December, bringing the Fed Funds range to 3.5-3.75% by year-end .

Here’s a longer story on the jump in US inflation to 9.1% in June:

“Another inflation surprise points to a 75 bps rise this month,” said Michael Pearce, senior US economist at Capital Economics.

Stronger than expected 1.3% [monthly] The increase in consumer prices in June, which brought headline inflation to 9.1% from 8.6%, points to another 75bp increase in the July meeting, but, with the sharp drop in With commodity prices since then and wage growth moderating in recent months, the outlook for inflation doesn’t look as gloomy as it did a month ago. Consequently, speculation about a 100 bps hike this month seems misplaced.

A 7.5% m/m increase in energy prices contributed half of that increase, with gasoline prices rising 11.2% and piped gas prices rising 8.2%. The good news is that the collapse in wholesale prices in recent weeks suggests that those moves will be fully reversed this month. The 1.0% increase in food prices was partly due to higher prices for cereals and dairy products. Again, with agricultural commodity prices falling, those big gains should be reversed in the coming months.

Excluding food and energy, basic prices increased by a further 0.7%. Accommodation prices rose 0.6%, the same as in May, but that was only due to hotel prices falling 2.8%, and rents rising 0.8% m/m more strong, the largest monthly increase since 1986, while owners’ equivalent rents were 0.7% higher

With wage growth slowing sharply in recent months, those stronger cyclical pressures won’t last forever, but the inherent lags in income measurement mean those components are still accelerating for now. Elsewhere, prices for basic goods rose 0.8% last month, with new and used car prices rising further, while clothing prices rose 0.8%. There are some signs that diminishing goods shortages are translating into weaker price pressures, with a slightly smaller 0.4% increase in furniture prices and a 0.3% increase in the recreation, but with inventories still tight across the economy as a whole, broader pricing pressures remain intense.

Overall, this report confirms that the Fed will need to hike 75bps again at the end of July meeting. While some will draw parallels to the surprisingly bad May CPI report, the context is markedly different: Commodity prices have fallen sharply and we have seen clearer signs of an economic slowdown, both of which will contribute to weaker price pressures. in the future. That, in turn, should help contain expectations that Fed officials will opt for an even bigger 100bp hike.

Alastair George, chief investment strategist at Edison Group, said:

Today’s CPI report shows that US inflation is significantly above consensus expectations at 9.1%, defying recent hopes for a rapid decline in US inflation pressure. market interest rates have risen in response, with interest rate futures now trading at a US fed funds rate of more than 3.5% by the end of the year.

Furthermore, the US dollar has broken parity with the euro for the first time in 20 years. We expect growth stocks to drop sharply today after a run of outperformance. We believe that inflation in the US and elsewhere is likely to decline slowly, leaving central banks in the awkward position of tightening policy in a slowing economy, and with very few other policy options with inflation well above target.

The euro falls below parity against the dollar

The euro briefly fell below parity against the dollar for the first time in almost two decades, as the dollar index jumped after US inflation rose more than expected to 9.1%.

At 1:45pm BST, it was trading at $0.998, down 0.4% on the day, its lowest level since December 2002. The single currency has lost more than 10% so far this year, hit by fears about recession and Europe’s energy crisis because of Russia’s invasion of Ukraine.

The sell-off on European stock markets has accelerated considerably since the US inflation figures.

  • The UK’s FTSE 100 Index fell 102 points, or 1.4%, to 7,107.
  • Germany’s Dax falls 200 points, or 1.54%, to 12,705
  • France’s CAC fell 81 points, or 1.4%, to 5,962
  • Italy’s FTSE MiB fell 431 points, or 2%, to 21,051.

Wall Street stock futures have turned negative on hotter-than-expected inflation data and crude oil prices are now falling as well.

The pound and the euro are now down against the dollar, by around 0.3%, as inflation figures reinforced expectations of another 75 basis point rate hike by the Federal Reserve later in the month. The US dollar index hit a 20-year high of 108.57.

BREAKING: US inflation rate accelerated in June to 9.1%, highest since late 1981 (well above Wall Street expectations) | #OOTT

— Javier Blas (@JavierBlas) July 13, 2022

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BREAKING: The US inflation rate accelerated in June to 9.1%, the highest since the end of 1981 (well above Wall Street expectations) | #OOTT

– Javier Blas (@JavierBlas) July 13, 2022

US inflation hits new 40-year high of 9.1%

US inflation has been higher than expected at an annual rate of 9.1% in June (vs expectations of 8.8%), a new high in 40 years, and above 8, May 6th. The basic rate, which excludes food and energy costs, fell to 5.9% from 6%.

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