US inflation dips to 8.3% but stays close to 40-year high –as it happened

Rolling coverage of business, the world economy and the financial markets

• US food prices rise at fastest rate since 1981
• Oil, gas prices rise as Russian gas flows via Ukraine are disrupted
• ECB's Lagarde cements expectations for July rate hike
• Lloyd's of London AGM goes virtual amid climate protest threat
• Tui halves losses and predicts a strong travel summer'
• Currency weakness, higher food and energy prices drive Chinese inflation higher
• Introduction: German inflation hits record high

National Grid has agreed to pay back 200m of revenues gleaned from subsea electricity cables early in an effort to cut painful household bills, reports Alex Lawson.

Under an agreement with watchdog Ofgem, the energy network operator must pay back revenues made from European interconnector' cables over a five-year period above a cap.

Since the price of materials is rising, we need to work to reduce the amount of materials we use as much as possible and to replace them with less expensive materials.