Inflation rose again in April, continuing a climb that has pushed consumers to the brink and is threatening the economic expansion, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain. That represented a slight ease from March’s peak but was still close to the highest level since the summer of 1982.

Phillip Morris International, which is best known for selling Marlboro outside the US, has agreed to buy a Swedish tobacco company for $16 billion in its biggest bet yet on the alternative cigarette market. Swedish Match owns the largest maker of oral nicotine pouches — or so-called snus — which have grown in popularity beyond their home market in recent years.

Peloton shares continued their descent towards zero yesterday after the fitness bike maker reported higher losses than expected and revealed it has borrowed $750mn from its banks to strengthen its balance sheet. The company has been left with excess inventory after consumers returned to gyms and fitness centers following the relaxation of Covid-19 restrictions.