UK inflation rate more than doubles, house prices climb and Bitcoin tumbles

The Market Report with Katie Pilbeam. FTSE 100 hit the skids again as the UK’s inflation rate doubled on higher energy costs, reawakening fears that interest rates might have to rise to compensate. London’s blue-chip index dropped 71 to 6,962.

Also on the ropes was Bitcoin, which dipped below US$40,000 on reports of a Chinese crackdown on cryptocurrencies. It was February when it was last at this level.

Jaguar Land Rover (JLR) owner Tata Motors has warned that the global shortage of computer chip is starting to hit production. Sales rose in its latest quarter but a US$2.1bn impairment charge meant a heavy loss.

Better news from Premier Foods PLC (), which has proposed a final dividend of 1p per share and its first payment for 13 years. The Ambrosia, Mr Kipling and Bisto group said it has made good progress cutting its debts.

Among the small caps, (), the brain imaging group that uses AI analytics, has been chosen by a current client to provide neuroimaging services for a phase III clinical trial. The latest contract is worth £500,000 over four years and will see the group participate in a neuroinflammatory disorder study.

() said a potential client has completed a test of a sample of natural pozzolan. The potential offtaker is a large cement company looking to test the material in its concrete pours.

Limited () meanwhile has won a contract with creditors of now-collapsed builder . They are taking its former auditors, KPMG, to court for a claim of £250mln.