Against a basket of currencies, the U.S. dollar index rose 0.15% to 101.82, standing some distance away from Friday's one-year low of 100.78.

In a bid to retain customers, Tesco is matching the prices of similar goods offered by UK supermarkets run by German discounters Aldi and Lidl.

The Office for National Statistics reported that the "prices of food and non-alcoholic drinks rose at the fastest rate in more than 45 years in the 12 months to February 2023."

European inflation presents a mixed bag, with eases in inflation when energy and food prices are included in measures, but persistence when excluded.

Food inflation has risen by 15 per cent in a year, as prices in Britain's shops reach unprecedented levels. Experts say retailers must focus on their price differentiation strategy as consumers' purse strings "continue to feel the squeeze".

UK retail sales rose in February as consumers' confidence reached a one-year high while US market struggles amid banking moves and monetary tightening.

Bank of England policymakers will not have looked at Wednesday's inflation data with the same enthusiasm as sterling traders, who took advantage of a shock jump to push the pound up, confident that a rate hike this week is now a done deal.

British inflation unexpectedly rose to 10.4% in February, pushed up by higher food and drink prices in pubs and restaurants, according to official data which is likely to prompt the Bank of England to raise interest rates on Thursday.

Although it is in the headlines for political turmoil, Pakistan is facing its worst-ever financial crisis. Even officials have uttered the taboo word: Default?

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Two years after inflation began its rapid ascent, investors, economists and policymakers remain divided on the path ahead.

Valentine's Day helped to boost British retail sales in February but volumes remained down on last year as households cut back on non-essential items, a survey published on Tuesday showed.

European shares fell on Tuesday, with UK's Ocado sinking after a worse-than-expected full-year loss, while data from France and Spain pointed to inflation being stickier than feared.

When Russia invaded Ukraine a year ago, the shelves of the Novus supermarket chain in Kyiv quickly emptied as its supply chains - domestic and overseas - collapsed.

As the Russia Ukraine war, the biggest war in Europe since World War II, enters its second year, many Asian companies still continue their operations in Russia.

Turkey's devastating earthquake will keep inflation above 40% in the run-up to elections scheduled for June and will necessitate an additional budget, a government official and four economists said.

Britain's Lloyds Banking Group signalled that falling house prices, competition on savings and rising costs may crimp future returns after reporting flat profit growth for 2022.

United Kingdom inflation eased to 10.1% in January 2023 and eased the pressure on the Bank of England. Many retailers, however, need to maintain higher product prices.

Europe's main stock markets steadied Monday after record highs for London and Paris last week as investors bet on prospects for a brighter economy despite lingering recession risks caused by high inflation.

Australian supermarkets will reap bigger profits in fiscal 2023 half-year due to decades-high inflation and increased savings, but analysts warned of a rough second-half as households reel from mounting expenses due to higher cost of living.

Earthquake sends tremors through Turkey's fragile economy

British consumers unexpectedly increased their shopping in January, but the big picture remains one of weak demand from inflation-hit households relying more on discounts at retailers to make ends meet.

British annual inflation dropped further last month on easing transport costs, official data showed Wednesday, but remains above 10 percent, prolonging a cost-of-living crisis that has sparked massive strikes.

British inflation fell by more than expected in January and there were signs of cooling price pressure in parts of the economy watched closely by the Bank of England, adding to signs that further hefty interest rate hikes are unlikely.

The Bank of England will make its final increase to borrowing costs in the current cycle next month to combat double-digit inflation, according to a Reuters poll which showed the British economy is almost certainly entering a recession.

Britain on Tuesday will set out draft legislation to regulate "buy now pay later" credit, saying the sector posed potential harm to consumers without thorough affordability checks.

BP on Tuesday also said its carbon emissions would not fall as quickly as anticipated.

Philippine annual inflation blew past expectations in January to reach a fresh 14-year high on surging food prices, raising the chance of the central bank delivering a larger interest rate hike to tame prices when it meets this month.

The worst flooding in New Zealand's biggest city Auckland is heaping more inflationary pressure and is posing a fresh cost-of-living headache for prime minister Chris Hipkins, who is trying to win back support for his party ahead of elections this year.

The Bank of England on Thursday hiked its interest rate for a tenth time in a row as global authorities race to combat sky-high inflation.