hovering around 2%. right now, it sits somewhere around 4%. that s certainly better than where it was last year. somewhere above 8.5%. but it is still not good enough. and it s why the fed chair jerome powell has said more interest rate hikes seem pretty likely. in may, the 12 month change in the cpi came in at 4.0% and the change in the core cpi was 5.3%. inflation has moderated somewhat since the middle of last year. nonetheless, inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go. the theory is by making it more expensive to borrow money it should cool off the economy. and ten rate hikes later, that tactic seems to be working. of course, the danger is the us economy could fall into a recession. those hawkish comments by mr powell had certainly weighed on investor minds. the nikki index is trading flat as japanese investors look at what happened on wall street overnight aftermarket sales for a third straight on
tonight, chaos and confusion in russia as the leader of the wagner group accuses the military leadship of doing evil and fabricating the justification for the war in ukraine. what does this apparent escalation of infighting in russia mean for the war, and for putin? mark has been trying to make sense of the chaotic signals from russian media sources. also tonight, remember this? a nation of homeowners will be self reliant, independent and able to do what they want with their own lives in their own homes. 39 years on how s that going? we ll be hearing from ben as thousands who ve just had their mortgages hiked hear they might get some temporary relief from the banks? we ll speak to the ceo of a food distribution charity which is overwhelmed, and the chief economist at bloomberg. and a bit of glastonbury. #my # my bed is made of feathers. five times grammy winner jacob collier makes his glastonbury debut tomorrow, we ll be asking him what s in store. good evening. there are p
as you can see here, the rate of inflation in the uk has remained stubbornly high over the last few months adding pressure on the bank of england to raise interest rates again when it meets tomorrow. they re likely to be concerned that core inflation which excludes volatile food and energy prices actually rose hitting 7.1%. that s the highest rate since march 1992. bear in mind, the bank of england s target for inflation is 2% and its been falling in other countries. here s the uk finance ministerjeremy hunt. we don t have the clip at the moment. yael selfin is chief uk economist at the business consultancy kpmg and joins us from london. we heard from jeremy hunt earlier and he said it is a surprise, and it is one of their targets to get inflation down, but it is proving to be harder to do and easier to say. it is proving tricky and there are a number of reasons, one of which is we have a very tight labour market, tighter than in other economies, especially in europe,