US inflation data soared past analyst expectations to hit 9.1% in June, the higest jump since 1981.
The UK economy performed better than expected in May after the Office for National Statistics today estimated growth of 0.5%.
The GDP improvement, which follows a contraction of 0.2% April, was fuelled by the expansion of the manufacturing and construction sectors and comes despite mounting cost of living pressures.
There was a further boost for the economy today, with the sight of Brent crude back at $100 a barrel after a steep 7% fall last night.
