Market slide as US inflation hits 8.6%; UK families cut back on food – as it happened

Rolling coverage of the latest economic and financial news, as US consumer prices rise at their fastest pace since 1981

• US inflation surges to 8.6% ... Core inflation sticky at 6%
• Markets slide as investors fear rate rises will cause recession
• Prices accelerated 1% in May, as energy, food and shelter costs rise
• Bank of Russia cuts rates to pre-invasion level
• ONS says 77% of British adults worried about cost of living

Three quarters of British adults are worried about the cost of living crisis, with women, disabled people, poorer housholds, and those with young children most anxious about rising inflation.

The Office for National Statistics has reported that 77% of adults are either very or somewhat worried about the rising costs of living.

Those with a gross personal income of less than 10,000 per year had the highest percentage feeling very worried (31%), whereas those with a gross personal income of 50,000 or more had the lowest percentage feeling very worried (12%).