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GDP maths shows consumer prices rose at a 3.4% annual rate in the first quarter, up from 1.8% in the final quarter of last year.
The U.S. economy continued to grow early this year, but at a sharply slower rate as strong consumer spending was offset by higher prices and pockets of weakness in other sectors.
House prices in Germany dropped by a record 10.2pc in the third quarter in a further sign of the struggles faced by Europe’s largest economy since the pandemic.
France announced it would nationalize its largest power company EDF for $8 billion on Tuesday to contend with the ongoing energy crisis plaguing Europe.