Over the past four years, consumer prices worldwide have been on the rise. In the United States, inflation soared to 9.1% in June 2022, marking its highest rate since November 1981. Similarly, advanced economies have faced significant inflationary pressures. Later today, the US central bank, the Federal Reserve, will announce its latest decision on interest rates and is expected to cut rates for the first time in more than four years.

Elsewhere, the UK has announced inflation figures of 2.2%, but are consumers feeling any better off? Presenter Sam Fenwick examines if businesses have also been struggling with higher prices for energy and raw materials along with increased wages.