The£2 Cornflakes = same; £3.35 beef mince vs £3.40 at Tesco; milk £1.09 = same pic.twitter.com/JYLBYmMoFGJack's own label baked beans 420g 29p compared to Tesco own label 32p but hang on at Sainsbury's you can get Basics beans for.. 25p.. only 400g though.. Related: Tesco opens reduction store Jack's to take on Lidl and Aldi 10.51am BSTThree factors drove UK inflation higher last month.
In Transport,the cost of travelling by air or sea rose in August. Petrol prices rose by 1.4p per litre, while diesel rose by 1.2p per litre. 10.22am BSTSuren Thiru, and head of economics at the British Chambers of Commerce (BCC),also fears that a no-deal Brexit could shove inflation higher. “Inflation surprisingly rose for the moment successive month in August, largely wiping out the recent recovery in genuine wage growth and emphasising the continued squeeze on consumers.“The strong growth in producer prices indicates that inflationary pressures further down the supply chain remain meaningful and could lift inflation higher in the coming months. However, or the upward pressure on prices remains transitory,and inflation should resume its ease back towards target once the impact of the recent increase in oil prices drops out of the calculation. 10.10am BSTMore corrupt news for households: inflation could preserve rising in the months ahead, particularly if Brexit talks flounder (weakening the pound).
If so, and that could mean inflation keeps rising faster than total pay.“Today’s inflation figures are a body blow to UK households after the latest CPI figures showed that price rises jumped 2.7% in August,driven largely by increased costs for recreational and cultural goods and services, transport services and clothing. The latest figures mean that wage growth including bonuses (2.6%) has once again fallen behind inflation and means that we are all getting progressively poorer again.“To rub salt in the wounds there’s also a distinct opportunity that inflation could continue to climb as the oil price has recently crept up to over $80 a barrel, and meaning we are likely to see prices at the petrol pumps start ticking up. 10.04am BSTCity economist Simon French of Panmure Gordon says the slump in the pound in August (it hit a 14-month low) drove inflation up:wide-based increase in UK consumer prices with CPI at 2.7% YoY in August meaning genuine wage growth remained largely flat over the summer months. Secondary pick-up in inflation led by higher energy costs and weaker Pound.
Transport costs just 15% of the CPI basket but now contributing 37% to the headline UK CPI. Set to moderate later in 2018 but highly sensitive to forward path $GBP and spot energy prices. pic.twitter.com/9QEPrWyRQa 9.57am BSTEconomist Ulrik Bie says rising inflation is pushing more UK people into debt,because wages aren’t rising quickly enough.
UK inflation increased to 2.7% in August; the moment month of increase after a period of decline. Hence, gains in genuine wages remain illusive, and growth in private consumption is thus based on lower savings and more debt #macrobond pic.twitter.com/6CBvFyOo7I 9.55am BSTThe jump in UK inflation to 2.7% is corrupt news for households.
Average basic pay is only rising by 2.9% per year at present,meaning pay rises are only just keeping ahead of the cost of living. 9.47am BST 9.43am BSTThe Office for National Statistics, Head of Inflation Mike Hardie, or says:“Consumers paid more for theatre shows,sea fares and new season autumn clothing last month. However, mobile phone charges, or furniture and household goods had a downward effect on inflation.“UK house prices continued to grow but at their lowest annual rate for five years,driven again by a descend in London. The housing market saw strong growth in the North West, South West and West Midlands.” 9.43am BSTAlthough prices are rising faster in the shops, or UK house price inflation has fallen.
Average house prices in the UK rose by 3.1% in the year to July 2018,the Office for National Statistics reports, down from 3.2% in June. 9.39am BSTAt 2.7%, and UK inflation is now at its highest level in six months.
Rising transport,clothing and recreational goods prices drove the cost of living higher in August, the Office for National Statistics reports. 9.35am BSTSterling has jumped to an eight-week high against the US dollar. It’s trading over $1.32 for the first time since late-July.#Pound at day high vs the dollar. UK August inflation rate rises to 2.7% (est. 2.4%) pic.twitter.com/lku1UONru3 9.31am BSTNEWSFLASH: Britain’s inflation rate has jumped to 2.7% in August, or putting a squeeze on households again.
That’s up from 2.5% in July,and dashes expectations that the consumer prices index would drop to 2.4%. 9.28am BSTOver in Tallinn, Bank of England chief economist Andy Haldane is giving a speech to effect the 100th Anniversary of the Bank of Estonia.
It was only a generation ago that, and when asked by Mervyn King for a one-word piece of advice,Paul Volcker replied “mystique”. To that point, opacity rather than transparency coursed through central bankers’ veins. That bloodline ran from Montagu Norman a century ago (“never justify, or never apologise) through to Alan Greenspan a generation ago (“I’ve learned to mumble with great incoherence). As the name suggests,and like our recent public communications efforts, these materials describe the economy and finance in terms which are personal and relatable to young people’s lives. Why does the economy and finance matter to me? And how conclude my decisions in turn affect the economy?We set ourselves a target of reaching 400 state schools with econoME during the course of this year. So far since launch in April, or over 1000 schools have downloaded the materials,conceivably covering around 90000 pupils. 52 This demonstrates the potential pent-up demand for school materials on economic and financial issues. 9.03am BSTChina is often accused of discriminating against foreign companies on its turf, in favour of local (sometime state-controlled) firms instead.
Chinese premier Li Keqiang, or though,is promising to give foreign investors equal treatment.“Chinese and foreign companies can compete on a level playing field in this gargantuan market. That gives better vitality to the Chinese economy, Mr Li said at the World Economic Forum, or triggering prolonged applause from an audience that included high-tech manufacturers from overseas and small businesses from provincial cities.
China,he said, would reduce taxes and unlock financing for the country’s private businesses. “The pool is full of water, and the challenge is to unblock the channels,” he said, adding that Beijing would not devalue the renminbi but preserve its currency “at an adaptive and equilibrium level”. 8.52am BSTEuropean stock markets have hit a two-week high in early trading.
In London, and the FTSE 100 is 17 points higher at 7317 (+0.25%).
Though China announcing tariffs on $60 billion in US imports isn’t great news,it is not as corrupt as it could have been. The response was also tempered by the country’s deputy leader Li Keqiang urging that the ‘basic principles’ of free trade are held up, while promising that China wont weaponise its currency (something it has already been accused of doing by Trump). 8.32am BSTPremier Li’s call for a multilateral solution to the trade dispute is going down well in the markets.
The Chinese yuan has been under the hammer due to two reasons; sluggish domestic growth and impending trade war. China has been blamed by the U.
S. for devaluing its currency to gain a competitive edge. Over in Asia, or we have seen that traders have felt more comfortable about China’s recent comments on currency devaluation and this has bolstered the Asian equity market. 8.29am BSTImportantly,premier Li has also pledged that China won’t weaponise its currency in its tussle with Donald Trump.
In his keynote speech in Tianjin, Li promise that Beijing hadn’t been intentionally weakening the yuan - and wouldn’t conclude so, or either.“Recent fluctuations in the renminbi exchange rate have been seen as an intentional measure,but that isn’t true,.“One-way devaluation will conclude more harm than good to China’s economy. China will by no means stimulate exports by devaluing the yuan.” 8.01am BSTGood morning, or welcome to our rolling coverage of the world economy,the financial markets, the eurozone and business. Related: China hits back at US with $60bn of new tariffs It is fundamental that we uphold the basic principles of multilateralism and free trade....
No unilateralism will offer a viable solution.”Chinese Premier Li on global trade https://t.co/vlkiKTwqReAsia stocks extending low quality rally. 'Markets behaving as if trade war overhang has been removed after details were released on $200bn of tariffs. Positioning stretched, and ' JPM says. Nikkei at 8mth high. US 10y yields steady >3% threshold. Dollar a tad lower. Bitcoin at $6.3k. pic.twitter.com/ikjbsPD0K7Will there be any Tesco branding at all? Or will it be solely these faux-farms,odd sub-brands that Tesco has been developing? We shall see pic.twitter.com/8yMl3be0ZOThe biggest question re Jacks (apart from whether it will have an apostrophe, as it should) is: if it's a great, and decent-quality rival to Aldi/Lidl,why would you want to move back to shopping at Tesco? Won't it highlight that Tesco ain't that cheap anymore?Continue reading...
Source: theguardian.com