The price of oil has recorded its biggest weekly drop, slipping under $130 a barrel on Friday.

Crude prices have fallen more than 11% over the past four days, knocking $15 off a barrel of oil in that period. Fears of high prices weakening the US economy set oil off on one of the biggest weekly falls since 1983...more

UK shoppers spent 17 pence in every pound online in the first half of the year, a report has said. The total internet spend was £26.5bn, up 38% on the same period last year, according to e-commerce group IMRG and consultancy Capgemini...more

The International Monetary Fund (IMF) has raised its global economic forecast after the impact of a credit crunch was not as severe as had been first feared.

The IMF said it now expects the global economy to grow 4.1% in 2008, up from an initial forecast of 3.7% in April. That compares with 5% growth in 2007. Despite upgrading forecasts for the UK and US, the IMF warned that the global economy remained in a "tough spot"...more

Chinese economic growth slowed in the second quarter of 2008, constrained by slowing demand for exports, rising prices and the high cost of credit.

The National Bureau of Statistics said the economy grew at an annual rate of 10.1% in the three months to June, down from 10.6% over the previous quarter. If it keeps growing at a double-digit pace, then China may overtake Germany as the world's third-largest economy...more

US inflation accelerated at its fastest pace in 17 years in June, official figures have shown, driven higher by surging energy prices.

Consumer prices were 5% higher than a year ago and rose 1.1% on a monthly basis, the Labor Department said. Federal Reserve boss Ben Bernanke has warned that the threat of rising inflation has intensified recently...more

Rises in food and energy costs pushed up inflation in the 15-nation eurozone to 4% in June from 3.7% in May.

Confirming estimates made two weeks ago, the Eurostat statistics office said the inflation rate was the highest since measurements began in 1997. A 16% year-on-year rise in energy costs as oil prices headed above $140 a barrel was to blame, Eurostat said...more

Unemployment in the UK rose by 12,000 to 1.62 million in the three months to May, the Office for National Statistics (ONS) has said.

The rate of unemployment was 5.2%, unchanged on the previous quarter. The number claiming unemployment benefit rose by 15,500 in June to 840,100 - the biggest jump since December 1992...more

Rising food and fuel costs pushed UK inflation up to an 11-year high of 3.8% in June from 3.3% in May, figures show. The rise means inflation is now well above the government's 2% target, and may reduce the chance of a UK rate cut.

The Bank of England, which has already said inflation may top 4% this year, has to balance the need to control inflation with worries over growth...more

The amount charged by manufacturers for their goods was 10% higher last month than a year ago in a further sign of inflationary pressure in the economy.

June's rise in producer prices marked a further sharp jump from May's 9.3% annual rise, official figures showed, reflecting the spiralling cost of fuel...more