US inflation rises to 5.4%; UK economy picks up on camping boom – as it happened

• US inflation back at 13-year highs: stable but stubbornly high'
• UK economy boosted by domestic holidays and dining out in August
• IMF: 65-75 million more people to fall into poverty due to Covid
• Eurozone industry hit by supply chain crisis
• Brexit- and Covid-related shortages weigh on UK trade
• Closing summary

Here is our full story on the UK economy.

UK economic growth picked up in August after an unexpected fall in July as bars, restaurants and festivals benefited from the removal of most remaining pandemic restrictions, reports our economics correspondent Richard Partington.

UK exporters still are struggling to benefit fully from strong global demand for goods, largely due to Brexit and Covid-related shortages. The volume of goods exports was around 17% below its 2019 average, and 3.5% below their 2020 average. This implies that UK exporters have lost market share; data from the CPB Netherlands Bureau show that real goods exports of advanced economies in July were 1.5% above their 2019 average.

Meanwhile, services exports are in a poor state too; August's 24bn figure was significantly below its average 2019 level, 27.3bn. This weakness largely is due to the pandemic. Nonetheless, Brexit likely also is having an impact; the most recent breakdown for services exports for Q2 showed that financial services still were around 10% below their pre-Brexit level.