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Toyota warns of 20% profit drop and doubling raw material costs ; US to announce inflation rate – business live | Business

Introduction: German inflation rises to new record, US inflation in focus

Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.

Today the markets will be focused on US inflation, out at lunchtime. Just out now: Inflation in Germany, Europe’s biggest economy, hit a new record high in April, pushed higher by food and energy prices.

The annual rate rose to 7.4% from 7.3% in March. The German statistics office said the main factor in March was higher energy prices, but this time round it flagged above-average increases in food prices. “This is where the impact of the war in Ukraine is becoming more and more visible.”

Food prices rose 8.6% across all areas: prices for fats and oils jumped 27.3% amid panic-buying of vegetable oil at German supermarkets, while meat and meat products rose 11.8%, dairy products and eggs went up 9.4% in price and fresh vegetables became 9.3% dearer.

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