US inflation hits new 40-year high; euro dips below dollar for first time since 2002 – as it happened

Stocks fall after US inflation jumps to 9.1%, as UK economy grows faster than expected by 0.5% in May

Monthly GDP is now estimated to be 1.7% above its pre-pandemic levels (February 2020).

Production grew by 0.9% in May, driven by 1.4% growth in manufacturing and a 0.3% rise in electricity, gas, steam and air conditioning supply.