The headline rate of UK inflation jumped by more than expected to 3.5% in April, this morning's ONS report shows

The dip in the U.S. credit rating indicates that ratings agencies believe the government is at a higher risk of default on its debt. While the U.S. rating still remains relatively high, the decrease may make investors more hesitant to lend to the government, and demand higher compensation for lending in the form of higher interest rates.

The financial expert said: After last month’s barrage of price hikes - which added around £360 to the average household’s outgoings - this inflation spike is no surprise. Housing and household services were among the largest upward contributors to April’s inflation figures.

Inflation has risen well above the Bank of England's 2 per cent target, and is expected to stay there for many months

Canada's annual inflation rate in April fell to 1.7% from 2.3% in March as overall energy prices plunged 12.7% after the removal of a federal consumer carbon tax, Statistics Canada said on Tuesday.

Chicago Fed chief Austan Goolsbee called the April inflation report 'comforting' but said he needs to see several more as officials consider rate cuts

U.S. President Donald Trump's top economic adviser, Stephen Miran, on Tuesday downplayed the long-term inflationary impact of tariff hikes, pointing to the relatively modest role imports play in the economy.