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Today’s data shows UK CPI at the highest speed in 30 years and US producer prices The rise at record levels is the latest reminder that inflation pressures around the world show little sign of abating.

UK inflation rose more than expected to 7% in March from 6.2% the previous month, as fuel prices surged 9.9%, taking annual growth to 30.7%.The pain felt by consumers is Academic Research Yesterday it showed that Britons are now more worried about the cost of living than catching Covid-19.

British companies are also feeling the pinch. TescoThe country’s largest supermarket group said this morning its earnings would suffer as it tries to stay competitive as costs soar and household budgets tighten.

U.S. producer prices rose more-than-expected 11.2% in March – the fastest pace since year-on-year growth was first calculated in 2010 – as the Ukrainian war begins to affect the world’s largest economy, weighing on the U.S. American business.

U.S. PPI readings are hot after yesterday’s announcement that CPI had hit 8.5%, which was the fastest pace of growth since 1981 and – as in the UK – increased pressure on the country’s central bank to act on rising prices. While the 1.2% monthly gain was the fastest since September 2005, there was some better news that the “core” CPI (which excludes volatile items such as food and energy) rose just 0.3%, the slowest since September gain.

Fed officials James Bullard Speaking to the Financial Times, it was an “illusion” to think the bank could reduce inflation without raising interest rates to the point where it could constrain the economy, as he called for higher rates to curb growth.

President Joe Biden’s latest strategy to ease consumer pressure is to temporarily ease restrictions on consumption. Ethanol In gasoline, this could save drivers 10 cents a gallon, despite the risk of smog.

Concerns are mounting elsewhere. new Zealand Today’s rate hike was the largest in 22 years. in continental Europe, Otmar IsingOne of the founders of the euro, criticizing the ECB’s “misguided” response, said the ECB was “living in a fantasy”, had “misdiagnosed” the cause of rising inflation and now faces the prospect of risky stagflation.

The European Central Bank announces the latest Policy Initiatives tomorrow.

Browse our Inflation Tracker Compare the latest global data.

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Need to Know: Economics

this Shanghai closed city Kunshan is one of the largest electronics manufacturing centers in the world Global supply chain pressure. Asia Editor Robin Harding says economic consequences For the rest of the world, the blockade of China’s largest onshore financial center and largest city is enormous.US has ordered non-essential items Consulate staff leave.

EU ban Russian energy will ignite one Germany ‘severe recession’ Next year will result in a 2.2% drop in output and the loss of 400,000 jobs, according to the country’s top economists.However, Kyiv is urge brussels Continue the embargo. German investors is also becoming more pessimistic about the future of their country.

Russia said that if sanction Force it to default, but academics and lawyers see the threat as “payment theater.” Robert Armstrong in his (The award-winning) Unhedged Newsletter says sanction Yes seriously injure the country. Moscow predicts economic output will down 10% This year, according to a former finance minister.

Latest UK and European

Unemployment in the UK fall back to its pre-pandemic levels The employment rate at the start of the year was 3.8%, according to official data, but the employment rate remains at 75.5%. Job vacancies remain high and vacancy rates have risen as people leave the workforce for family reasons, retirement or illness.

UK will be the first country in the world to pay pharmaceutical companies a flat fee antibiotic To address the growing problem antimicrobial resistance, causing more than 1 million deaths each year. The “subscription” model is designed to incentivize companies to develop new drugs and stop overprescribing.

Ukraine Finance Minister Sergei Marchenko called for immediate financial support For his country, the gap between spending and income is expected to hit $7 billion a month in April and May.

The latest in the world

The International Energy Agency cuts global oil demand Expected from 99.7 million barrels per day this year 99.4 millionbut it said the market would avoid a “sharp” shortage as emergency reserves and slowing demand from China offset Russian production cuts.

war will cut growth Trade in Goods Down by a third this year from 4.7% 3%, according to new World Trade Organization forecasts. It also lowered its economic growth forecast to 2.8% from 4.1% and forecast 3.2% in 2023.Director General of the WTO Ngozi Okonjo-Iweala wrote in the Financial Times Policymakers should address structural weaknesses in their coordinated response to global supply chain problems.

Sri LankaThe economic and currency crisis intensified as the country’s finance ministry suspended payments on its debt. government bond. It has turned to the International Monetary Fund for a recovery plan and financial assistance. The Lex column warns, Rescue Blueprints can be drawn up for similar situations elsewhere.Turbulence is a blow to the stock market rajapaksa The family that has dominated national politics for years.

Need to Know: Business

Some of the world’s most important inventories industrial metal has fallen to very low level Because of soaring electricity prices and the war in Ukraine. Inventories of aluminium, copper, nickel and zinc have fallen by 70% over the past year.

blackstonethe world’s largest fund manager, reported better-than-expected profits $1.46 billion In the first quarter, investor inflows remained unchanged despite the turmoil in financial markets. However, JPMorgan Profits fell 42% $8.28 billion As transactions slowed and banks set aside $1 billion in loan-loss provisions.here is what to see With the arrival of the US earnings season.

fund manager Beset by the rare event that global stocks and bonds fell at the same time in the first quarter.Two major markets underpin global finance, as synchronized declines have investors trying to balance risks much more difficult. Nearly three-quarters of large institutional investors global economic growththe largest percentage since 1995, according to a Bank of America survey.

complete telecom giant Nokia close behind rival Ericsson quit russiaThese two companies, along with Chinese groups Huawei and ZTE, are the dominant players in the Russian radio network equipment market.former deputy director Aeroflot wrote in the Financial Times The Russian business community should stand up against President Vladimir Putin.

as we are Monday’s outageairlines are struggling to meet surging customer demand while losing waves of staff to Covid-19. British Airways Vulnerable to IT problems and 1,200 flights cancelled So far this year. easyJet Has been one of the hardest hit areas, but still wants to report shrink loss six months to the end of March.

The outlook is more optimistic US carrier. American Airlinesthe largest U.S. company, raised its revenue forecast for the first quarter, while delta It told the FT it had “never sold more tickets than it had in the past five weeks”.American Airlines is lobbying to secure an end Mandatory wearing of masks The ship is scheduled for next Monday.

The coronavirus crisis has made the global supply of medicines largely dependent on Asia, even for the most basic ingredients.Our colleagues at Nikkei Asia concluded their Global Health Supply Chain and how it affects the next pandemic.

the world of work

Flexible work helps many workers disabled Thrive during the pandemic, but how can we make these improvements permanent?Isabel Berwick talks to an activist and a FT staffer about recent disability inclusion issues work it podcast.

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At last. . .

air quality is becoming an increasingly important factor for homebuyers Find new property, writes health and science journalist Oliver Barnes. Cleaner air is now comparable to the level of closeness to family and friends and the ease of public transportation that motivates the move.