UK diesel reaches £2 a litre for first time as eurozone inflation rises to 3.8%

The average UK diesel price has reached £2 a litre for the first time. The government said the country is not facing a diesel shortage.

Higher energy costs pushed eurozone inflation to 3.8% last month, its highest level in three years. Food prices also reached their highest point in almost four years.

G7 agrees 100 million barrels release

G7 countries agreed to coordinate the release of up to 100 million barrels of crude oil, diesel and other reserves. The International Energy Agency will coordinate the operation.

French President Emmanuel Macron said the release would begin immediately and continue for four months. A substantial share of the diesel stocks is expected to be released within the first 20 days.

US hiring slows sharply

The US economy added only 29,000 jobs in September, compared with economists’ forecast of 90,000. Unemployment edged up to 4.2%.

After revisions, August showed 133,000 jobs added instead of 162,000, while July changed from a gain of 21,000 to a loss of 10,000. Healthcare accounted for the largest September increase, with 17,000 new jobs.

Average hourly earnings growth slowed to 3%, its lowest rate in more than five years. The weak report reduced expectations of a Federal Reserve rate increase this month, with the estimated probability falling to 20.5% from 24.4% a day earlier.