PRICE PRESSURES PERSIST IN SINGAPORE June 23, 2011 INFLATION in Singapore is proving more stubborn than expected, holding up at 4.5 per cent in May, official data showed yesterday. Higher food, housing and transport costs drove up the island state’s consumer price index. The consumer price index looks set to overshoot forecasts of 3-4 per cent targeted by Singapore’s authorities for 2011.
G20 hits deadlock over financial regulation during food price talks June 22, 2011 THE G20 economic powers agreed on proposals to address volatility in food commodities last night, with the exception of financial regulation issues, a source close to the negotiations revealed. While the subject of financial regulation remains a sticking point, negotiators approved other measures such as the creation of a global data-sharing scheme, the source said. [...]
Ofgem demands UK energy market shake-up June 22, 2011 Ofgem has told the country’s biggest utilities it believes sweeping reforms are needed to the retail gas and electricity market to encourage competition at a time of rising energy prices. “We will pursue breaking up the stranglehold of the Big Six on the electricity market to encourage more firms, like new arrival the Co-op, to [...]
High street gloom twice as bad as expected… June 16, 2011 THE plight of the UK consumer returned to the fore yesterday as new official data showed retail sales slumped more than twice as much as anticipated in May. Retail spending dropped off sharply with the end of April’s sunny weather and public holidays, leaving sales down 1.4 per cent in May, or 1.6 per cent [...]
Energy prices keep Eurozone inflation high June 16, 2011 HIGHER energy prices kept Eurozone annual inflation well above the European Central Bank’s target in May, data showed yesterday, strengthening the case for an expected ECB interest rate rise in July. Eurostat said consumer prices in the 17 countries using the euro were flat month-on-month in May and confirmed its earlier estimate of a 2.7 [...]
UK retail sales fall more than expected June 16, 2011 UK retail sales fell more than twice as expected in May, new data has shown, deepening concerns over the health of the high street. Sales fell 1.4 per cent in May compared with April, against economists’ expectations for an 0.6 per cent increase. The fall reversed April’s 1.1 per cent rise as rising job insecurity, [...]
France’s inflation figures tread water during May June 15, 2011 CONSUMER price inflation (CPI) in France rose by 0.1 percentage point in May, but the annual rate of increase slowed to two per cent, the country’s national statistics institute Insee said yesterday. Energy prices declined 1.6 per cent, but remained above analysts’ expectations due to a smaller than expected drop in the cost of petrol and [...]
Sainsbury’s sales up as shoppers buy bargains June 15, 2011 Supermarket chain Sainsbury’s has seen like-for-like sales grow 1.9 per cent in the past three months, excluding sales of fuel but including VAT, confirming the subdued consumer spending trend. It warned that customers were turning to its own-brand products to try to spend less on food and had focused on products included in meal deals. [...]
Inflation held up by steeper food prices June 14, 2011 INFLATION is widely expected to balloon past five per cent in the coming months, after rising food costs held the consumer price index to a two-and-a-half year high of 4.5 per cent in May. May’s steady rate on the CPI “represents just a temporary pause in an upward trend which could take inflation to 5.5 [...]
China’s inflation hits 34-month high June 14, 2011 China’s central bank has raised bank reserve ratios for the ninth time since last October after inflation rose to 5.5 per cent in May, its highest level in almost three years. The central bank increased the ratio for China’s biggest banks to 21.5 per cent, a record high, locking up funds that could otherwise be [...]