Inflation in the eurozone has hit a new record high as the cost of living crisis sweeping the world intensifies. Despite fears that economies are weakening, central banks are under pressure to raise interest rates to bring inflation back under control. The Bank of England has raised rates three times since December, from 0.1 per cent to 0.75 per cent, and could do so again. Official figures showed US unemployment fell to 3.6 per cent in March as the number of those in work rose by 431,000. Joachim Nagel, president of the Bundesbank, Germany's central bank, said the inflation figures 'speak for themselves' and has called for 'timely counter-measures'.

Source: Daily Mail April 01, 2022 22:56 UTC