Core inflation picked up from 6.3pc to 6.6pc, the highest level since 1982. Freddie Mac revealed that the average mortgage rate for a 30-year fixed loan was 6.92pc last week. Headline inflation rate cooled for a third month in a row to 8.2pc but underlying price pressures continued to build. Joe Biden said he had made “progress” fighting inflation but admitted prices were “still too high’s ‘top priority’ Mr Biden vowed unspecified ‘consequences’ for relations with Saudi Arabia after the OPEC+ move. OPEC+ announced last week they plan to slash production by 2m barrels per day from November. But Riyadh rejected criticism and said the move was not political and aimed at balancing the market and curbing volatility . . .
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