Inflation in Germany hit an all-time high thanks to rising food and energy. US announces inflation rate


The European market started off higher as expected.

The UK’s FTSE 100 rose 0.55% to 7,282, a 39-point lead. The French market rose 1.1%, Spain’s Ibex rose 0.6%, the Italian market rose 0.8% and the German Dax rose 0.3%. The Euro Stoxx index rose 0.9% in initial trading.

In the crude oil market, Brent crude rose 2.6% to $105.13 a barrel, while US light crude is trading at $102.2 a barrel.

We have gathered another news of the day.

Boris Johnson has been criticized for “lacking an idea or purpose” after the Queen’s speech, which included 38 new bills but failed to set out concrete steps to address the immediate cost of living crisis.

Instead, the speech delivered by the Prince of Wales celebrating the opening of Parliament included plans to repeal human rights laws and make it more difficult for Parliament to rename the street and privatize Channel 4.

A windfall tax on North Sea oil and gas businesses could raise more than £2 billion to alleviate pain from rising energy costs.

Labor analysis, which has called for a one-time levy, shows the Treasury could spend £1.95 billion on the Treasury, far more than the party’s estimate of £1.2 billion in January.

The profits of North Sea Oil and Gas companies are subject to a 30% corporate tax and a 10% surcharge. Labor has proposed raising the combined rate from 40% to 50%.

Mechanisms that could cut universal credit payments by up to 25% are driving people into poverty and debt, according to a report by the Lloyds Bank Foundation.

Benefit cuts are often intended to collect advance payments made over a set period and to settle outstanding debts, but are not asset tested.

Last night, Elon Musk said he would lift the Twitter ban on former US President Donald Trump once Tesla completes the acquisition of the social media platform.

Twitter repeatedly violates company rules for January 2021 and citing judgments that his tweets “are very likely to encourage and inspire people to repeat the criminal activity that took place on the US Capitol on January 6, 2021.” has been permanently banned. Attack on the building by his supporters.

Apple discontinued the iPod more than 20 years after it was released.

The most recent music player, the iPod Touch, hasn’t been updated since 2019, and many features are now available in other products.

Apple says it will continue to sell the Touch, the only generation of iPod still on sale, “until supplies run out.”

The Adidas campaign with dozens of chest sets to promote a variety of sports bras was banned by a British ad watchdog for using explicit nudity and placing ads where children could see them.

Channel 4 features a 1,000-hour hit program. Location, Location, Location At SAS: Who Dares Wins on YouTube The deal was signed by a Silicon Valley giant with a British broadcaster in the most extensive commercial deal.

Coldplay has since been branded a “useful fool for greenwashing”. Partnership Announcement Together with Finnish oil company Neste, last week, they agreed to cut their touring emissions in half.

Introduction: German Inflation Rising to New Records, Focusing on US Inflation

Good morning. Welcome to our rolling coverage of business, global economy and financial markets.

Today’s market will focus on US inflation at lunchtime. Just get out: Inflation in Germany, Europe’s largest economy, hit an all-time high in April, driven by food and energy prices.

The annual rate rose to 7.4% from 7.3% in March. German statistical office A major factor in March was high energy prices, but this time food prices have risen above average. “This is where the effects of the Ukrainian war are becoming more and more visible.”

Food prices rose 8.6% in all regions. The panic in German supermarkets led to a 27.3 per cent rise in greasy and greasy prices, while meat and meat products rose 11.8 per cent, dairy and eggs prices 9.4 per cent and fresh vegetables 9.3 per cent. love more

Energy product prices surged 35.3% from a 39.5% gain in March.

Federal Bureau of Statistics Director Georg Thiel said:

Inflation reached an all-time high for the second month in a row since German reunification.

In particular, energy prices have risen significantly since the outbreak of the Ukrainian War, which has had a significant impact on inflation. The last recorded high inflation rate was in the fall of 1981 in the territory of the former Federal Republic, where mineral oil prices soared as a result of the first Gulf War between Iraq and Iran. Additional factors include shipping bottlenecks due to supply chain disruptions caused by the COVID-19 pandemic and significant price increases at the upstream stage of the economic process.

Here in England, the picture is similarly grim.

A respected British think tank warned today that more than 250,000 households will “go into poverty” next year.reduce the total number of people living in extreme poverty to about 1.2 million, unless the government takes action to help the poorest people affected by the energy price shock;

The National Institute for Economic & Social Research says more than 1.5 million households will rely on savings or additional borrowing to make up for the shortfall due to rising food and energy costs that exceed their disposable income. Since the 2016 Brexit vote, it has cut spending to put millions of households in a vulnerable financial position.

Michael Hewson, chief market analyst at CMC Markets UK, said Germany’s inflation figures

The currency that Bundesbank Governor Joachim Nagel said yesterday at its July meeting will pressurize the European Central Bank (ECB) to raise rates is expected to repeat itself again this afternoon on Capital Markets Day in Berlin. It will be interesting to note how ECB President Christine Lagarde’s remarks will be received when he speaks later today in Slovenia.

The US CPI for April concludes after the Federal Reserve (Fed) decided to raise interest rates by 50 basis points last week. Whatever today’s numbers are, the prospect of no further 50bps rate hike in June seems unlikely, even if those numbers turn out to be lower than expected.

The Fed has already said it will raise rates by 50 bps in a row at its next two meetings, and has also announced a balance sheet shrinking process. The headline CPI is expected to decline to 8.1% and the core price to decline to 6.1%.

China eases factory door inflation in April, at its lowest rate in a yearThe annual percentage of producer prices fell to 7.8% from 8.3% in March. Consumer price index rises fastest this yearIt rose from 1.5% to 1.8%, but still falls short of the level at the end of last year.

US stocks rose slightly yesterday after a major decline earlier this week. But the deal was uneven and could go either way, said ING analyst Iris Pang.

Asian stocks rose after trading close to a two-year low the day before, while the dollar remained stable ahead of US inflation data.

China’s blueprint index, CSI 300, rose 2.3% after producer prices rose at the slowest pace in a year, leaving room for further fiscal stimulus to boost the economy hit by the coronavirus. Hong Kong markets rose 1.4% while Australia remained almost unchanged. European stocks are also expected to rise.

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  • 9:00 AM BST: ECB President Christine Lagarde speaks in Slovenia
  • 1.30pm BST: US April inflation (expected: 8.1%)

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