Helia Ebrahimi , Economics Correspondent

Asda’s chairman tells our Economics Correspondent Helia Ebrahimi that he believed the government’s plan to cap prices for basic foods is a political stunt – which could be illegal. 

Inflation is down by a wafer. It was 8.7 per cent in April. But that’s not down as much as expected, stoking fears that the UK has a big problem with rising prices. 

One way out of climate change is to switch away from greenhouse gases.

The price of some basic foods has doubled in a year.

Rail services have been crippled by striking train drivers again in England today and more walkouts are planned tomorrow.

Interest rates are going up again – to 4.5% – the highest level they have been for 15 years.

The Bank of England is expected to put up interest rates later this week to their highest level for 15 years in a bid to bring down inflation. It’ll be the 12th increase in the cost of borrowing since the end of 2021 – although one building society has now started offering a deposit free…

The competition watchdog has launched an investigation into the impact of artificial intelligence. The Competition and Markets Authority says it will look into the effect of AI on consumers, businesses and the economy and whether new controls are needed.

Britain has the highest inflation rate in Western Europe. Last month the rising cost of food contributed to a 10.1% inflation rate, only a slight drop from the month before.

The real value of people’s pay has now fallen for 15 months in a row, according to the latest official figures. 

The wave of public sector strikes is also hitting the UK economy, which flatlined last month.

The UK is set to be one of the world’s worst performing major economies this year, according to the International Monetary Fund.

The Bank of England has warned that the wider financial system in the UK – including pension and hedge funds – urgently needs to be made more resilient.

There are signs tonight of a shift over the funding of the NHS pay deal – with the health Secretary telling trade unions there will be additional funding available from the Treasury.

Interest rates have gone up to 4.25% – their highest level in 15 years.