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SHARE prices rose across Europe, the US and Asia as companies’ profits boom during the cost-of-living crisis.
Rising profit margins are causing spiralling inflation that is eroding the value of workers’ pay, with real-terms wages in Britain falling at the fastest rate since records began, according to the Office for National Statistics.
British, French, German and US stock markets all reported rising share values and inflation in the United States hit 9.1 per cent, showing interest rate rises by the Federal Reserve — of which there have been three so far this year — are failing to curb it.
The European Central Bank is expected to raise interest rates today but such fiscal measures are based on the notion that inflation is caused by excessive spending, when current price rises are driven by supply issues and corporate profiteering while the cost-of-living squeeze is causing household spending to fall.
