The Notebook: Victoria Scholar on inflation, Ocado’s woes, and why Ted Lasso is a blessed relief March 28, 2023 The Bank of England governor Andrew Bailey has warned firms against rising prices to offset inflation. He told the BBC, “please understand if we get inflation embedded, interest rates will have to go up further and higher inflation really benefits nobody.” The latest UK inflation rate for February surprised economists by picking up again to [...]
Food inflation soars to record 15 per cent as sugar price hike leaves retailers warning of more misery to come March 28, 2023 Shop price inflation is yet to reach its “peak” as the rising cost of sugar and high manufacturing costs present a double whammy ahead of crucial Easter trade, a leading retail body has warned. The British Retail Consortium (BRC) shop price index showed annual inflation accelerated to 8.9 per cent in March, up from 8.4 [...]
Andrew Bailey: Our banks are sound – we’ll keep hiking if inflation persists March 27, 2023 The Bank of England will be forced to jack up interest rates again if incoming data shows inflation is not falling fast enough in response to the central bank’s eleven straight rate rises, Governor Andrew Bailey said today. Further pain will be needed to be borne by families and businesses if price pressures keep pinning [...]
Tortilla swings to loss after ‘unprecedented’ food and energy inflation March 27, 2023 Burrito chain Tortilla Mexican Grill has revealed it swung to a loss last year as it came under pressure from “unprecedented” food and energy costs, and avoided raising its prices above inflation. The fast-casual restaurant chain insisted its sales have benefited from consumers opting for value-for-money meals over dining out at restaurants. Its revenues jumped [...]
UK suffering worst living standards squeeze on record, OBR boss warns March 26, 2023 Brits’ spending power won’t recover to pre-pandemic levels for another half decade, the boss of the UK’s economic watchdog has warned. The UK is experiencing the “biggest squeeze on living standards we’ve faced in this country on record”, Office for Budget Responsibility (OBR) chairman Richard Hughes said today. His stark warning came after the regulator’s [...]
Tim Martin’s JD Wetherspoon blames ‘ferocious’ inflation for profits plummeting 91 per cent March 24, 2023 The chief of JD Wetherspoon has said blamed “ferocious” inflationary pressures in the pub industry as the pub giant reveals a 90.9 per cent loss in profits for the 26 weeks to January. As the cheap beer chain felt the hangover from Covid-19 and Brexit supply issues, pre-tax profits were down to £4.6m compared to [...]
Sharp increase in retail sales amid ‘subdued’ outlook due to inflation – but is there a ‘chink of light’ with Easter holidays? March 24, 2023 British retail sales grew sharply last month compared to pre-pandemic levels, but price increases continue to deliver a “subdued” longer-term outlook. Sales volumes are thought to have increased by 1.2 per cent in February after a rise of 0.9 per cent in January, suggesting the industry is recovering from the pandemic well. Industry figures are [...]
Rising food prices surprised the Bank of England, but supermarkets saw it coming March 24, 2023 An unexpected rise in inflation and the price of food shows us not to take it for granted.
US Federal Reserve presses on with interest rate hike amid banking chaos March 22, 2023 The US Federal Reserve today looked past the ongoing wobbles in the global banking system and hiked interest rates for the ninth time in a row, extending its aggressive fight against inflation. Chair Jerome Powell and the rest of the federal open market committee (FOMC) today bumped the world’s most important interest rate 25 basis [...]
UK inflation shock was bad for the Bank of England – and disastrous for families March 22, 2023 These were not good inflation numbers for the Bank of England. They were even worse for families. Nearly everyone has been taken aback by the Office for National Statistics calculating the annual rate of headline inflation (the consumer price index) snapped a three month falling streak to climb to 10.4 per cent last month. That [...]