Pubs feel pinch of energy and supply chain inflation August 17, 2022 HOSPITALITY businesses renewed calls yesterday for an emergency VAT cut as the sector deals with rampant energy hikes. New research released yesterday suggested that most bars and restaurants are dealing with “significant” energy cost hikes whilst a majority are also seeing dramatic hikes in their food and drink costs. The new data, compiled by consultancy [...]
Shop ’till you drop: Christmas spending up despite rampant inflation December 20, 2022 Shopping habits die hard as Brits continue to spend across the board in the run-up to Christmas and the holiday season despite historic levels of inflation raising prices. Spending on essentials is up by an average of 43.5 per cent compared to the same time last year, with non-essential expenditure also rising by an average [...]
Bank of England signals inflation has peaked but warns of 15-month long recession February 2, 2023 Inflation in the UK has peaked and is on course to fall rapidly over the coming year, easing the worst cost of living crisis in a generation, but a slow burning, mild recession is still a threat, the Bank of England said today. The rate of price increases is poised to more than halve from [...]
Primark owner ABF thanks sunny spells, digital push and inflation for 13 per cent sales hike June 26, 2023 Primark owner Associated British Foods (ABF), has credited warm weather and a revamp of the affordable fashion brands website for a 13 per cent rise in sales – hiking its share price 0.61 per cent when markets opened this morning. The retail giant which also brand such as Twinings, said like for like sales grew [...]
Ikea: Sales up 13 per cent despite costs of living and inflation December 19, 2022 Ikea has revealed that sales jumped over the past year due to customers returning to its shops and price increases in the face of cost inflation. The Swedish furniture retailer revealed that total sales grew by 13 per cent to £2.2bn over the year to 31 August, compared with the same period last year. Peter [...]
Sunak’s five pledges laid to waste as most Brits say he’s doing a ‘bad job’ – especially on inflation June 23, 2023 Rishi Sunak asked Brits to ‘judge me on my record”, and it seems that’s exactly what people have done, as three quarters think the prime minister is “doing badly” at cutting inflation. A fresh poll by YouGov laid bare the lack of confidence in the PM this morning, after the group surveyed the public on [...]
Soaring inflation forces Brits to tighten belts on groceries as summer clothes, DIY and fuel sales pick up June 23, 2023 Brits are still splashing the cash amid soaring inflation, with retail sales estimated to have increased by 0.3 per cent last month off the back of non-food splurging. The main driver of sales was online, with non-store selling volumes up by 2.3 per cent, while food store sales were down by half of one per [...]
John Lewis blames ‘pain of inflation’ for £234m loss and admits it will not be paying partner bonuses March 16, 2023 John Lewis Partnership has blamed shoppers feeling the “pain of inflation” and a write down in the value of its Waitrose stores for its second year of losses in a row. For the year ending January, the middle class favourite, which owns John Lewis department stores and grocery chain Waitrose, posted a loss of £234m [...]
Coffee beans and ready meals send food inflation soaring yet again – and peak is yet to come May 2, 2023 Food inflation reached new highs in April soaring 15.7 per cent, according to new data, with the cost of convenience food such as ready meals and coffee beans increasing due to supply chain woes. While shop price inflation fell slightly by one per cent in the month to 8.8 per cent, food prices remained at [...]
Bank of England to lift interest rates to 23-year high of six per cent to strain roaring inflation June 21, 2023 The Bank of England is on track to kick interest rates up to their highest level in over 23 years in a bid to rein in inflation that is withstanding prior increases to borrowing costs, markets are betting. City traders ratcheted up their bets on peak UK interest rates in response to numbers from the [...]