US inflation has risen to 8.5% in March, the largest 12-month increase since 1981.
The figure exceeds the 8.4% expected by the market, and is up from 7.9% in February.
Meanwhile, annual wage growth of 4% between December and February today provided more evidence of the cost of living squeeze facing UK households.
The figure represents a 1% fall in real terms following the recent surge in inflation, although the Office for National Statistics also reported a decline in the UK unemployment rate to a two-year low at 3.8%.
And Brent crude is back above $100 a barrel after Opec warned it would not be possible to offset future and current sanctions on Russian oil.
