Germany will run out of gas in three months if Putin closes the taps

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We start the day with another set of eye-popping inflation numbers highlighting the escalating cost of living crisis.

The consumer price index rose to 10.1% in July from 9.4% the previous month and the highest in four decades, according to the ONS.

Core inflation, which excludes volatility in food and energy prices, reached 6.2%. The retail price, which is used to set the price of certain public services, including train fares, rose to 12.3%.

The figures highlight the pressure on British families, with inflation expected to top 13% later in the year after energy bills rise again.

The Bank of England has also warned that the UK will be plunged into a deep recession, with households facing the biggest drop in living standards on record.

5 things to start your day

1) Hundreds of thousands of UK households are abandoning Amazon Prime Cost of living crisis hits streaming companies hard, says Ofcom report

2) Chaos in UK businesses as wages plummet despite record job vacancies Companies eye one-time bonuses in fight for talent as inflation eclipses pay rises

3) The largest airline in the world orders 30 supersonic planes “son of Concorde” Boom planes are expected to fly from London to New York in three and a half hours by 2030

4) Aldi to overtake Morrisons as UK’s fourth largest supermarket The cost of living crisis is forcing shoppers to change grocery stores

5) Russian gas exports fall by a third because of Putin Gazprom could be forced to close gas fields as it strives to divert supplies to China

What happened overnight

Tokyo shares opened higher this morning, with the benchmark Nikkei 225 up 0.4pc in early trading and the broader Topix index up 0.5pc.

Hong Kong stocks started with healthy gains after a positive lead from Wall Street. The Hang Seng index added 0.8pc.

While the Shanghai Composite Index edged up 0.1pc and the Shenzhen Composite Index on China’s second largest stock exchange also rose 0.1pc.

coming today

  • Company : Balfour Beatty, Essentra, Persimmon (acting)
  • Economy: Inflation (UK), central bank decision (New Zealand), retail sales, Fed minutes (US)
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