Poorest UK households facing highest inflation rates as cost of living crisis deepens – as it happened

Rising food and energy pushed UK inflation to a 40-year high, with poor families facing the hardest squeeze Photograph: Daniel Leal/AFP/Getty Images

3.57pm BST

That’s all for today.

Here’s our latest news story on UK inflation hitting a 40-year high, as rising cost of gas and electricity, and pricier food, hit households.

Here’s our analysis on the likelihood of more help from the government:

An insider’s view of how shoppers’ behaviour has changed:

And an account of how pensioners are struggling as prices rise:

Our Politics Liveblog is still tracking the political developments around the UK’s cost of living crisis:

And our summary of the main events is here.

Here are the rest of today’s stories:

3.56pm BST

Ouch. Shares in US retailer Target have fallen by almost a quarter today, after its financial results disappointed Wall Street.

Target reported that its net income had halved in the first quarter, hurt by high freight costs and supply chain disruptions. The retailer also saw lower-than-expected sales for discretionary merchandise like TVs.

Chief executive Brian Cornell explained:

“Throughout the quarter, we faced unexpectedly high costs, driven by a number of factors resulting in profitability that came in well below our expectations, and well below where we expect to operate over time.”

🔴BREAKING:
Target shares sink 25% after company says high costs, inventory woes hit profits pic.twitter.com/bvZaEGv4Os

— SquawkGaming Stocks (@SGStocksYT) May 18, 2022