* US annual inflation rose to 3.8% in April, versus market expectations of 3.7%.

* US MoM inflation rose to 0.6% in April, down from 0.9% in March, in line with market expectations.

* Annual core inflation (excl. energy and food) rose to 2.8% in April above market expectations of 2.7%.

* MoM core inflation rose 0.4% in April above expectations of 0.3%.

Isaac Stell, Investment Manager at Wealth Club, commented.

"US inflation continued to move higher in April, as the continued fallout from the Strait of Hormuz closure continues to bite, pushing energy and transport costs sharply higher.

Today's reading is the highest since May 2023 with the energy component of the inflation figures rising 3.8% in April and accounting for over 40% of the increase. The oil shock triggered by the Iran conflict shows little sign of easing, and with a counter peace plan rejected, there is no clear end in sight. As a result, elevated oil prices are set to remain a persistent source of inflationary pressure, prolonging the pain for consumers, particularly at the pump.

Against this backdrop, rate rises are now firmly back on the table as policymakers look to contain a price spiral that is starting to take hold. With Jerome Powell's term as Fed Chair drawing to a close, the incoming Chair, Kevin Warsh, despite his dovish nature, may strike a more hawkish tone, with the reality of policy setting leaving little room for manoeuvre."

Ends

For further information contact:

Jo Thorne: jo.thorne@wealthclub.co.uk

Wealth Club

Wealth Club was founded by former Hargreaves Lansdown director Alex Davies in 2016. At Hargreaves Lansdown Alex and his team were responsible for launching its SIPP business and growing it to be the UK's largest SIPP provider. Alex was a director of and shareholder in Hargreaves Lansdown which floated on the stock exchange in 2007. This meant that age 38 he was in the fortunate position to be able to retire. With time and a big tax bill on his hands Alex began investing in start-ups using the EIS and VCT schemes. Whilst there were some great opportunities out there, there was very little good quality information to help people decide where to invest and it was difficult to know whom to trust in a very "word of mouth" type of industry. In most cases it was also very difficult to apply for and monitor these investments online.

With this in mind Alex set up Wealth Club. Today Wealth Club is the largest non-advisory investment service exclusively for high net worth and sophisticated investors. It is the biggest broker of Venture Capital Trusts and EIS funds as well as recently launching a discretionary management service and opening up Private Markets funds to individual investors.

Today Wealth Club has 70,000 members who receive regular information on investments from them. Of those 14,000 have become clients and invested more than £1.8 billion through the platform. Its clients typically have £1 to £5 million of wealth, although 22% have more than £5 million and 6% more than £10 million. The business is completely online, although clients can speak to an expert on the phone who will answer their call within a few rings.

Wealth Club has received no external funding and became profitable within a year and a half of operating. Since then, it has increased its profit every year. In its most recent financial year ending 30thJune 2025, it made a pre-tax profit of £3.6 million. 59% of its income is recurring. The company is based in one office in Clifton in Bristol and has 43 employees.