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The FTSE 100 has plunged more than two per cent, putting it on track for its worst week of losses since the early stages of Russia’s war on Ukraine back in March. Wall Street’s benchmark S&P 500 dropped nearly three percent, while the Dow Jones Industrial Average shed 813 points, or 2.6 percent.
It came after data showed a surprise surge in US inflation to a shocking 41-year high, sparking a sell-off across global markets.
In Britain, traders’ anxiety is comparable to households’ concern about the cost of living crisis – an issue more than three-quarters of adults worry about, with around half of them doing so almost daily, according to research by the Office for National Statistics
The survey, carried out from April 27 to May 22, found 77 percent of people over the age of 16 reported feeling “very or somewhat worried about the rising cost of living”.
Of these respondents, 50 percent said they worried “nearly every day”.
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A separate ONS poll of the same group, carried out from May 25 to June 5, found nearly nine in 10 said their cost of living had increased, with 52 percent of that group saying they were using less fuel such as gas and electricity at home.
Almost half said they had reduced spending on food and non-essential travel.
In the second study, 88 percent of respondents reported their cost of living had increased.
It found the proportion of that group who were spending less on food shopping and essentials had jumped to 41 percent from 36 percent in the previous fortnight, while the proportion of them buying fewer items in their grocer shops grew to 46 percent from 44 percent.
Figures from data firm Experian Catalist showed the average price of a litre of petrol at UK forecourts reached a record 182.3p on Wednesday – an increase of 1.6p compared with Tuesday, which marks the biggest daily jump in 17 years,
The average price of a litre of diesel on Wednesday was 188.1p, meaning to fill up a tank of diesel would set a driver back £103.43.
With the average price of a litre of diesel on Wednesday at 188.1p, drivers would have had to spend £103.43 to fill up their tanks.
The Chancellor on Monday said the Government could not fully protect the country from the cost of living crisis.
Questioned by the Treasury Committee over the cost-of-living package, Mr Sunak said that it wasn’t possible, or advisable, to try to fully make up for rising living costs.
He said: “Countries around the world are dealing with rising inflation. Today’s inflation numbers are driven by the energy price cap rise in April, which in turn is driven by higher global energy prices.
“We cannot protect people completely from these global challenges but are providing significant support where we can, and stand ready to take further action.”
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