Rolling coverage of the latest economic and financial news, including the latest on the US-China trade war and new UK inflation figuresInflation jumps to 2.1%Energy costs surged after price cap liftedPound hit by Brexit crisisUS considers blacklisting Hikvision 10.10am BST The message from today´s inflation report is clear -- consider changing your energy provider now!Peter Earl, head of energy at comparethemarket.com, says households on standard energy tariffs have suffered `brutal` increases since Ofgem lifted the price cap three months ago.The new price cap level that came into force on 1st of April saw those customers face an average annual price rise of £117, a hefty 10% increase, which all of the Big Six energy companies were quick to implement. Rather than preventing energy companies from repeatedly upping the cost of energy, the price cap looks to have done the opposite. Many customers have already switched to a more competitive fixed price tariff but, for the millions that remain, we strongly recommend shopping around to ensure they are on the best deal possible as this will help to minimise their household bill inflation.` 10.05am BST Beer and tobacco prices fell last month, the ONS adds:Prices for cigarettes overall fell by 0.6% between March and April 2019 compared with a rise of 1.4% between the same two months a year ago.Prices for beer, particularly larger packs of canned lager, also had a small downward contribution, although this was partially offset by spirits, which rose in price between March and April 2019 by more than a year ago. 9.58am BST Consumers were hit by a 10% jump in electricity costs last month, today´s inflation report shows.That´s MUCH more than the rise in wholesale prices -- as energy firms responded to Ofgem´s decision to lift the cap on bills.Consumer prices for electricity rose by almost 11% between March and April 2019, while input producer prices for electricity rose by around 2% over the same period.Wholesale electricity ...
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