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WEDNESDAY 19th JUNE

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Nvidia becomes the world’s most valuable company and UK inflation hits target

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UK inflation hits Bank of England's 2% target

According to the Office for National Statistics, UK inflation fell to the Bank of England's 2.0% target in May. This announcement comes ahead of the national elections in July. The Bank of England last met its 2% target in July 2021. In May, services inflation, which significantly impacts domestic prices, decreased to 5.7% from 5.9% in April. Core inflation, excluding energy, food, alcohol, and tobacco, also dropped to 3.5% from 3.9% in April. The decrease in overall inflation is mainly attributed to falling food prices, although car fuel costs continue to push prices higher according to the ONS. 

Nvidia becomes the world’s most valuable company

Yesterday, Nvidia became the world’s most valuable public company. With a market cap of 3.34 trillion dollars and a 170% surge in its share price this year, Nvidia has overtaken Microsoft. This remarkable growth has been driven by the boom in artificial intelligence.

US retail spending falls short amid high inflation

In May, retail spending in the U.S. grew only 0.1%, falling short of the expected 0.2% increase. On a year-over-year basis, retail sales were up 2.3%. However, consumers are still struggling with high inflation, according to a Commerce Department report. As a result, households are prioritising essential purchases and cutting back on non-essential spending.

Sources: Cnbc.com, theguardian.com

Edith Davis