Categories: India

UPDATE 1-UK grocery inflation rises to 5.2%, says Worldpanel

(Adds detail paragraphs 3 to 7) LONDON, Oct 14 (Reuters) – British grocery inflation rose to 5.2% in the four weeks to October 5, industry data showed on Tuesday, adding to pressure on consumers already facing higher energy bills. The figure from Worldpanel by Numerator (formerly Kantar), which provides an early indication of pricing pressures ahead of official UK inflation data on October 22, compared with 4.9% in last month's report. Worldpanel said prices were rising fastest in markets such as chocolate confectionery, fresh meat and coffee and falling fastest in household paper, sugar confectionery and sparkling wine. Britain's food retailers have said that higher employer taxes and regulatory costs as well as increased staff wages are adding to inflationary pressure from higher prices for commodities. The British Retail Consortium, which represents Britain's biggest retailers, predicts that food inflation will be up to 6% by the end of the year, putting more pressure on household budgets in the run up to Christmas. The Bank of England has forecast it will hit 5.5% before Christmas and then fall back as global wholesale factors fade. Overall UK inflation held at 3.8% in August, according to official data published last month, the highest among major advanced economies. Worldpanel said grocery sales rose 4.1% over the four week period year-on-year. Separate industry data published on Tuesday showed British consumer spending grew by the least in four months in September as uncertainty ahead of finance minister Rachel Reeves' budget next month and rising energy bills deterred shoppers. (Reporting by James Davey, Editing by Paul Sandle and Sarah Young)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Indianews Syndication

Recent Posts

BRIEF-AuMas Resources Says Co And Unit Receive Writ Of Summon From Southsea Gold

Dec 19 (Reuters) - AuMas Resources Bhd: * CO AND UNIT RECEIVE WRIT OF SUMMON…

4 hours ago

10 Companies Setting New Benchmarks for Business Growth and Innovation

New Delhi [India], December 19: India’s dynamic business ecosystem continues to be shaped by purpose-driven…

5 hours ago

Visual Communication Emerges as Eremedium’s Core Strength

New Delhi [India], December 19: Healthcare systems across the world are undergoing a subtle yet…

8 hours ago

UK government was hacked in October, minister confirms

LONDON, Dec 19 (Reuters) - British trade minister Chris Bryant said the government had been…

10 hours ago

Joshua and Paul face off at ceremonial weigh in on eve of fight

VIDEO SHOWS: ANTHONY JOSHUA AND JAKE PAUL CEREMONIAL WEIGH IN. SOUNDBITE FROM JOSHUA AND PAUL.…

11 hours ago