Europe’s growth forecast cut as Ukraine war drives up inflation; diesel price hits record – as it happened

Rolling coverage of the latest economic and financial news

• Latest: UK diesel prices hit new high
• Politics Live: Andrew Bailey testifies to MPs
• EU growth forecast cut as inflation climbs
• EC: Ukraine war hits growth
• China's retail sales and industrial production tumble in April

Ryanair has warned of a fragile" recovery in airline passenger numbers after Russia's invasion of Ukraine and the Omicron coronavirus variant pushed it to a 355m loss for the financial year.

The Irish airline would aim for a return to reasonable profitability" over the financial year to March 2023, it said on Monday, after it lost 1.4bn (1.2bn) during the first two pandemic-affected financial years.

With luck we'll have a strong summer."

I remember back in the 2010s when people saw their prices go up and were waiting and wondering why prices didn't come down equally quickly.

The good thing about the price cap is that we will make sure it only reflects costs, and therefore it only reflects what you need to pay for your energy."

With the Russian invasion of Ukraine, we are seeing a sustained increase, a further increase, in gas prices. So, the difficult news I have is that it is likely in October that prices will go up again."