Losing Steam

March GDP data signals that economic activity is losing steam as the cost of living crisis begins to bite. With a bigger squeese still to come, the spectre of stagflation looms large and unwanted attention is falling on the Bank of England over untamed inflation. Worries are certainly mounting, with China’s strict lockdowns weighing on global trade and April’s inflation figures – the first to include the 54% energy price cap jump – expected to show another sharp rise.