There was more bad economic news for Britons this morning when official figures confirmed that the country's cost-of-living crisis had worsened again in January.
Figures out this morning from the Office for National Statistics show that Consumer Price Index (CPI) inflation has risen by 0.1% to 5.5% - a fresh 30-year high.
January’s level is greater than the 5.4% forecast by economists polled by Reuters, and will put even more pressure on the Bank of England to raise interest rates again next month from their current level of 0.5%.
Inflation is expected to climb above 7% this year - and is now outpacing wages as energy, fuel and food costs continue to rise.
ONS chief economist Grant Fitzner said: "Clothing and footwear pushed inflation up this month and, although there were still the traditional price drops, it was the smallest January fall since 1990, with fewer sales than last year."
Oil prices tumbled more than 3% on Tuesday after Russia said some of its military units were returning to their bases following exercises near Ukraine - a move that appeared to de-escalate tension between Moscow and the West.
This morning, the April contract for Brent crude was up 0.54% at $93.78 a barrel, while the West Texas Intermediate contract for March was up 0.55% at $92.58.
It has emerged that surging energy prices have pushed the eurozone's trade deficit to a 13-year high, as a heavy reliance on gas imports leaves its economy exposed to any war in Ukraine.
The bloc's trade deficit widened from £1.51bn in November to £8.13bn in December.
This came as the European Central Bank warned of a potential £70bn blow to the region's economy if its gas supplies are severed by a Russian invasion of Ukraine.
Global stock markets rallied on Tuesday on hopes that military tensions over Ukraine could ease.
Exchanges in Italy and Germany climbed roughly 2%, France's CAC 40 jumped 1.8% and London's FTSE 100 gained 1%. The three major US indices also closed more than 1% higher.
There had been a sell-off of shares on Monday after the US warned that Russia could invade Ukraine at any time.
The FTSE 100 was almost flat at 7,612 just after opening this morning.
Updates
ONS - UK house price index