On today's episode of The City View, Andy Silvester chats to City A.M. reporter Jack Barnett about firms raising their prices; whether the Fed and the Bank of England will hike rates, and by how much; and what we can expect of inflation by this October.

Andy also takes us through the headlines: Rio Tinto has made a $2.7bn offer for Turquoise Hill's remaining shares as it seeks control of a Mongolian copper-gold mining project; the Office for National Statistics has added meat-free sausages and removed men's suits, among other items, to the basket used to calculate price hikes; and India is considering a Russian offer to purchase crude oil at a discount.