US inflation climbing

INFLATION in the US climbed at its fastest rate since the financial crisis last month as the economy booms following tax cuts.

Core inflation was up 2.4pc in July, the biggest increase since September 2008 and ahead of forecasts. It comes after figures showed the economy grew 4.1pc in the three months to June 30 compared to a year earlier.

The reading will pile pressure on the Federal Reserve to hike interest rates faster.