Cost of living crunch to intensify as firms prepare to launch price hikes March 3, 2022 Speculation inflation in the UK could breach eight per cent in April is looking even more certain as businesses prepare to hike prices to combat swelling costs, reveals a fresh survey released today. Economists’ bets on the Bank of England’s forecasts for inflation to peak at 7.25 per cent this April being undercooked are looking [...]
Shop price inflation hits highest rate in more than a decade March 2, 2022 Shop price annual inflation surged to the highest rate since November 2011 last month, as households’ concerns about the cost of living increases. The rate hit 1.8 per cent in February, an increase from 1.5 per cent in January, according to the British Retail Consortium (BRC) and NielsenIQ. Non-food inflation surged to 1.3 per cent [...]
Sainsbury’s to shut 200 cafes as it eyes more Starbucks in stores March 1, 2022 Sainsbury’s has announced it will close 200 cafes in its stores this year as it attempts to rival discount retailers. The supermarket said 200 Sainsbury’s cafes will close to customers in the spring this year while it will roll out 30 food halls and 30 Starbucks cafes. Around 2,000 staff will be impacted by the [...]
Discount retailers benefit from cost of living crunch as shoppers head to Aldi and Lidl March 1, 2022 Grocery price inflation hit a new high of 4.3 per cent last month, with budget supermarkets luring shoppers in as the cost of living intensifies. Fresh data from Kantar reveals the fastest rate of inflation since September 2013, with the exception of the start of the pandemic when households panic bought essentials. Aldi and Lidl [...]
Spotlight on SPACs: more risk than opportunity? March 1, 2022 It is never a good idea to invest in a SPAC just because someone famous sponsors or invests in it or says it is a good investment. While special purpose acquisition companies (SPACs) have been around for decades, they have attracted unprecedented interest and investment since the first wave of Covid-19. Amid this recent boom, entrepreneur Richard [...]
Households hunker down finances as they brace for worsening cost of living crunch March 1, 2022 Households are hunkering down their finances in preparation for the cost of living crunch to tighten, reveals official data published today. Brits cut back on spending last month and channeled money into their savings accounts to offset a future deterioration in their budgets caused by soaring inflation. Households added £7.8bn to their savings accounts last [...]
Brits’ inflation expectations climb to record high piling pressure on BoE to launch more rate hikes February 28, 2022 Britons’ expectations for inflation in a decade’s time is running at a joint record high, heaping further pressure on the Bank of England to continue its rate hike cycle. Households think the cost of living will land at 4.1 per cent in ten years’ time, up from 3.8 per cent last month, the joint highest [...]
ABF and Primark sales to surpass pre-Covid levels as consumers eye luggage and swimwear February 28, 2022 Associated British Foods (ABF), which also owns budget retail chain Primark, has said it is on track to surpass pre-Covid levels of sales and operating profit. The food manufacturer has been battling against inflation, alongside the rising costs of energy, but anticipates grocery revenue to inch two per cent higher than 2021. While Primark sales [...]
Distribution giant Bunzl reports slip in profits despite boost in revenues February 28, 2022 Distribution giant Bunzl reported a slip in profits today despite revenues rising 1.7 per cent, as its food and retail divisions rebounded from a pandemic slow down.
‘Perfect storm’ of headwinds crimps UK optimism February 25, 2022 A “perfect storm” of headwinds gripping households with the tightest financial squeeze in a generation is eroding Brits’ optimism, reveals a closely watched survey published today. Concern about the impact soaring inflation will have on household finances drove UK consumer confidence to its lowest level in over a year, plummeting to minus 26 points this [...]