Eurozone faces stagflation as prices surge; Russia cuts interest rates as recession looms – as it happened

Rolling coverage of the latest economic and financial news, including growth figures from across the eurozone

• Stagflation worries in the eurozone
• Pound's on track for worst month against dollar since 2016
• Prosecutors search Deutsche Bank HQ in money laundering investigation
• Russia cuts borrowing costs to 14%, sees deep recession
• Eurozone inflation hits record high of 7.5%
• Eurozone growth slowed to 0.2%

UK house price growth has slowed from its highest level in 17 years.

The average house price rose by 12.1% in the year to April, building society Nationwide reports. That's down from 14.3% in March, which was the highest since late 2004.

We continue to expect the housing market to slow in the quarters ahead.

The squeeze in household incomes is set to intensify with inflation expected to rise further, perhaps reaching double digits in the quarters ahead if global energy prices remain high.

We are also very aware of the challenges and concerns the cost-of-living crisis is causing for many of our customers up and down the country. NatWest Group is focused on providing practical help and support for the people, families and businesses we serve".