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In the previous session, the index dropped as data pointing to tepid U.S. business activity sparked profit-taking following gains in the prior week. MSCI's broadest index of world stocks (.MIWD00000PUS) was largely flat, while Tokyo's Nikkei (.N225) gained 0.90% and China's blue-chip index (.CSI300) dropped almost 1%. Three months ago, the question was how fast would rate hikes come. Now, a pause and then more U.S. rates hikes could follow as a result of sticky inflation, said Mike Kelly, head of multi-asset at PineBridge Investments. In oil markets, prices gave up most gains from the previous session after the world's top exporter, Saudi Arabia, said it would further cut output.

Persons: Toby Melville, Germany's DAX, Mike Kelly, We're, Gary Dugan, bitcoin, Nell Mackenzie, Dhara Ranasinghe, Mark Potter Organizations: London Stock Exchange Group, City of, REUTERS, Reserve, British Retail Consortium, Tokyo's Nikkei, Reserve Bank of Australia, Fed, European Central Bank, Bank of Japan, PineBridge Investments, Saxo Markets, Dalma, Thomson Locations: City, City of London, Britain, U.S, Saudi Arabia

☆ UK consumers slow spending in May as rising food costs bite
▼ + stars: | 2023-06-05 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

The BRC said spending in its members' stores increased 3.9% in annual terms last month, well above the 1.1% fall a year ago. May's retail sales growth was the slowest since the 1.6% recorded in October 2022 when consumers cut back on purchases as inflation soared to a 41-year high of 11.1%. The BRC data is not adjusted for inflation, so May's sales growth reflects a fall in the volume of goods purchased. Food was almost the only area where consumers spent more last month, due to higher prices as well as celebrations to mark the coronation of King Charles. Separate figures from Barclays on Tuesday also showed high inflation and rising food prices continued to eat away at consumers' spending power.

Persons: BRC, King Charles ., Paul Martin, Silvia Ardagna, Suban Abdulla, David Milliken Organizations: British Retail Consortium, Food, KPMG, Bank of England, Barclays, Thomson

☆ Britain is getting so desperate to tame inflation it’s talking about food price caps
▼ + stars: | 2023-05-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

Food inflation dipped slightly to 15.4% in May, but that’s still the second-highest rate on record. But chocolate and coffee prices are rising as global commodity prices soar, British Retail Consortium CEO Helen Dickinson said. Price controls anyone? “The current food price shock does not warrant such an intervention,” he added. Brexit is responsible for about a third of UK food price inflation since 2019, according to researchers at the London School of Economics.

☆ UK shop price inflation strikes new record high: BRC
▼ + stars: | 2023-05-29 | by ( Andy Bruce | ) www.reuters.com time to read: +1 min

LONDON, May 30 (Reuters) - British shop price inflation picked up this month to reach its highest rate since industry records began in 2005, although growth in food prices cooled slightly, a survey showed on Tuesday. Food price inflation as measured by the BRC slowed, however, to 15.4% from 15.7%. "While overall shop price inflation rose slightly in May, households will welcome food inflation beginning to fall," said BRC chief executive Helen Dickinson. The figures follow official data last week that showed annual consumer price inflation - which includes services and non-shop goods like energy - slowed in April, but by less than expected, to 8.7% from 10.1%. Official food price inflation, which earlier this year rose to its highest rate since 1977, slowed only marginally to 19.1% from 19.2%.

☆ UK govt to ask supermarkets to cap prices of basic food items - Telegraph
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 28 (Reuters) - The British government is looking at plans to have retailers cap the prices of basic food items such as bread and milk, the Telegraph reported, as the cost of such essentials continued to rise in the double digits. However, asked about such price controls, health minister Steve Barclay told BBC TV it was "not my understanding" on Sunday. 10 Office is in talks with supermarkets on a deal similar to one in France where major retailers charge the "lowest possible amount", the Telegraph reported on Saturday. Major supermarkets such as Tesco and Sainsbury's have announced price cuts on some food items in recent weeks. High food prices are a direct result of the soaring cost of energy, transport, and labour, as well as higher prices paid to food manufacturers and farmers," BRC's Andrew Opie said.

☆ What King Charles' coronation means for the UK economy
▼ + stars: | 2023-05-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

But the UK economy as a whole could suffer as workers take an extra day’s holiday. John Lewis' Coronation Lewis Bear. John Lewis & PartnersDepartment store John Lewis has had to limit in-store purchases of its Coronation Lewis Bear to two per household, and the teddy is out of stock online. For the coronation, UK luxury brands “have procured unique merchandise at all levels of the economy and we’re seeing people buying it, particularly Americans and EU customers,” she added. (The coronation holiday will be the third holiday Monday this month.)

☆ UK retailers report record food inflation but see falls ahead
▼ + stars: | 2023-05-01 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Overall inflation among BRC members dropped to 8.8% from March's 8.9% as price increases for non-food items slowed due to heavy discounting of clothing, footwear and furniture. Costlier coffee beans and more expensive packaging and production of ready-meals pushed up food inflation, but prices of butter and vegetable oil were starting to decline. "We should start to see food prices come down in the coming months as the cut to wholesale prices and other cost pressures filter through," BRC chief executive Helen Dickinson said. Britain's official measure of consumer price inflation peaked last October at 11.1%, its highest in more than 40 years. The Office for National Statistics' measure of food price inflation - which is calculated differently to the BRC's - was the highest since 1977 in March at an annual 19.1%, reflecting higher costs for biscuits, cakes and confectionery.

☆ UK inflation stays at 10% as bread rises at record clip. Here’s why it’s proving hard to beat
▼ + stars: | 2023-04-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —UK inflation remained above 10% in March, far higher than in the United States and Europe, as bread prices rose at a record pace. Energy an ‘Achilles’ heel’The United Kingdom is a net importer of energy, unlike the United States. UK inflation to fall sharplyThe good news is that UK inflation is expected to fall rapidly through the remainder of the year, as lower wholesale gas prices feed through to household energy bills. From April, “UK inflation might start to drop faster than in Europe,” he said. But core inflation could take longer to fall in the United Kingdom, according to Gregory of Capital Economics.

☆ In the 'Garden of England', loss-making orchards are cut down
▼ + stars: | 2023-04-05 | by ( Sarah Young | ) www.reuters.com time to read: +5 min

The fruit that helped give the "Garden of England" its name hundreds of years ago no longer makes money so farmer James Smith is tearing down his orchards. Turning a profit from selling red apples to supermarkets has been a struggle for years, he said. In Kent, Smith is removing 80% of his orchards. Last year growing apples lost him 150,000 pounds ($186,000), a loss which would have been higher had it not been cushioned by other income streams from his land. He's also planting a vineyard and is growing small amounts of cherries, the fruit which legend has it prompted King Henry VIII to first call Kent the "Garden of England".

☆ UK grocery inflation hits new high of 17.5% -Kantar
▼ + stars: | 2023-03-28 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummarySummary Companies Grocery inflation in March at highest level ever recordedMilk, eggs and cheese show fastest price risesShoppers face 837 pounds rise in annual grocery billLONDON, March 28 (Reuters) - British grocery inflation rose again in March to a record 17.5%, inflicting yet more pain on consumers battling a cost-of-living crisis, industry data showed on Tuesday. Market researcher Kantar said prices were rising fastest in markets such as eggs, milk and cheese. "It’s more bad news for the British public, who are experiencing the ninth month of double-digit grocery price inflation," said Fraser McKevitt, Kantar's head of retail and consumer insight. The Kantar data for March provides the most up to date snapshot of UK grocery inflation. It said total grocery sales over the 12 weeks to March 19 rose 8.6%.

☆ More food shortages could add to Britain's price pressure
▼ + stars: | 2023-03-28 | by ( James Davey | ) www.reuters.com time to read: +5 min

The tight conditions have helped to push British food price inflation to levels not seen for almost 50 years. Industry data from market researcher Kantar on Tuesday showed UK grocery price inflation hit a record 17.5% in the four weeks to March 19, underscoring the problem for policymakers. Many UK food retailers are buying less, knowing their customers cannot afford to spend so much, taking a hit to their profits in the process. Andrew Opie, director of food and sustainability at the British Retail Consortium, which represents the major food retailers, said supermarkets were confident about the resilience of food supply chains, particularly with the approaching UK growing season. The grower who spoke to Reuters, and who asked not to be named, said there was too much focus on food inflation and not enough on the strength of the whole system.

☆ Food prices push UK shop price inflation to new high: BRC
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Hannah McKayLONDON, March 28 (Reuters) - Soaring food prices pushed annual inflation in British shops to its highest in at least 18 years in March, industry data showed on Tuesday. The British Retail Consortium said overall shop price inflation rose to 8.9% from 8.4% in February, the largest increase since the British Retail Consortium's (BRC) records started in 2005. "Shop price inflation has yet to peak," said BRC Chief Executive Helen Dickinson, who cited the rising cost of sugar as a major driver of higher food prices in March. Sugar prices have been hit by falling production, rising energy prices and a pesticide ban in Britain to protect bees. The country's annual consumer price inflation - which includes services and other non-shop goods such as energy - rose unexpectedly to 10.4% in February.

☆ UK grocery price inflation hits record high as more stores impose rationing
▼ + stars: | 2023-02-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —A measure of UK grocery price inflation soared to a record high this month — that’s more bad news for consumers already facing a shortage of fruit and vegetables that has led to rationing at major supermarkets. “Our latest research shows that grocery price inflation is the second most important financial issue for the public behind energy costs, with two-thirds of people concerned by food and drink prices,” McKevitt said. Mark Spencer, the UK food and farming minister, held crisis talks with supermarket bosses on Monday to discuss their response to the shortages. UK growers were not harvesting tomatoes, peppers and eggplants at this time of year, as is usually the case, because high energy costs this winter had delayed planting, said Lee Stiles, LGVA secretary. UK apple farmers normally buy at least one million apple trees each winter for planting.

☆ British supermarkets are rationing fruit and vegetables as shortages bite
▼ + stars: | 2023-02-28 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

LONDON — Britain's biggest supermarkets are limiting purchases of certain fruit and vegetables as supply shortages lead to empty shelves. It said the move was due to poor weather conditions overseas and was working with suppliers to "get things back to normal." The U.K. government has not stated Brexit as a factor, blaming weather conditions. EU member Ireland is also experiencing fruit and vegetable shortages. U.K. Food Minister Mark Spencer said Monday he had spoken to retailers about how they are responding to shortages and asked them to build preparedness for future incidents.

☆ UK vegetable and fruit shortage could last until May, producers warn
▼ + stars: | 2023-02-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

A shortage of tomatoes affecting UK supermarkets is widening to other fruit and vegetables and is likely to last weeks, retailers have warned. According to the BRC, UK supermarkets import 95% of their tomatoes and 90% of their lettuce in December and typically the same proportions in March. Stiles said UK supermarkets had opted to import even more fresh produce from abroad this winter, taking advantage of lower prices sought by overseas growers. UK supermarkets have not mentioned Brexit as a reason for the supply crunch. Although full UK border checks on fruit and vegetable imports from the Europen Union start only from January 2024, Stiles says additional paperwork has already deterred EU producers from exporting more to the country.

☆ UK supermarkets Tesco, Aldi and Asda are rationing fruit and salad vegetables
▼ + stars: | 2023-02-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Asda told CNN that it was temporarily limiting purchases of some items to three packs per customer. These include tomatoes, peppers, cucumbers and lettuce. Morrisons told CNN that it had imposed a cap of two packs per customer on tomatoes, peppers, cucumbers and lettuce. Sainsbury’s (JSAIY), the United Kingdom’s second-largest food retailer, told CNN it had no plans to ration the sale of fruit and vegetables. The high-end supermarket chain told CNN that it was “monitoring the situation” but had no plans to introduce rationing.

☆ Britain's Asda imposes purchase limits on fresh produce lines
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 21 (Reuters) - British supermarket group Asda has imposed customer purchase limits on eight lines of vegetables and fruit due to "sourcing challenges" for products grown in southern Spain and north Africa, it said on Tuesday. Asda has introduced a three pack limit for purchases of tomatoes, peppers, cucumbers, lettuce, salad bags, broccoli, cauliflower and raspberries. “Like other supermarkets, we are experiencing sourcing challenges on some products that are grown in southern Spain and north Africa," an Asda spokesperson said. The British Retail Consortium, which represents all the big grocers, expects the supply disruption to last a few weeks. Reporting by James Davey; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Britain facing tomatoes shortage after overseas harvests disrupted
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 20 (Reuters) - Britons are facing a shortage of tomatoes after supermarket supplies, including at market leader Tesco (TSCO.L) and No. 2 Sainsbury's (SBRY.L), were impacted by disrupted harvests in southern Europe and North Africa. "However, supermarkets are adept at managing supply chain issues and are working with farmers to ensure that customers are able to access a wide range of fresh produce," he said. Last year Britain's grocers suffered supply chain disruptions due to Russia's invasion of Ukraine but availability was much improved in the run-up to Christmas, with an exception being eggs. In winter, Britain has typically imported around 90% of crops like cucumbers and tomatoes, but has been nearly self-sufficient in the summer.

☆ Valentine's Day spending boosts British retail sales in February - BRC
▼ + stars: | 2023-02-07 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

[1/2] A woman photographs a Valentines Day floral display attached to the facade of a restaurant in London, Britain, February 13, 2023. REUTERS/Peter NichollsLONDON, March 7 (Reuters) - Valentine's Day helped to boost British retail sales in February but volumes remained down on last year as households cut back on non-essential items, a survey published on Tuesday showed. The British Retail Consortium (BRC) said spending in store chains increased 5.2% in annual terms last month, well below the 6.7% rise in February 2022. The BRC figures are not adjusted for inflation, meaning the rise in sales masked a much larger drop in volumes. "Popular trends this month include buying 'dupes' of popular products, shopping at discount stores, and limiting Easter spending."

☆ Seven out of ten UK households fear cost-of-living hit -NielsenIQ
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] Scales to weigh loose fresh produce are seen in the UK supermarket Asda in Leeds, Britain, October 19, 2020. NielsenIQ said UK grocery sales on a value basis rose 7.6% in the four weeks to Jan. 28, due to an increase in food price inflation to 13.8%. However, volume sales fell 6.9% - the lowest volume growth recorded in over nine months, which reflects the concern shoppers have about cost-of-living increases, it said. It said Lidl overtook Morrisons to become the UK's fifth largest grocer with a market share of 8.9%. NielsenIQ said online's share of all FMCG (fast-moving consumer goods) sales was 11.1% - similar to its share in the latter part of 2022.

☆ UK shop price inflation hits record 8% in January: BRC
▼ + stars: | 2023-02-01 | by ( David Milliken | ) www.reuters.com time to read: +2 min

[1/2] People shop next to the clubcard price branding inside a branch of a Tesco Extra Supermarket in London, Britain, February 10, 2022. Overall food prices, which include longer-life goods, rose by 13.8%, while non-food prices were 5.1% higher. BRC chief executive Helen Dickinson said she did not think shop prices had peaked yet, as retailers were still facing rising energy bills and labour shortages. The BRC collected its price data between Jan. 1 and Jan. 7. Figures released by market research company Kantar on Tuesday , which covered the four weeks to Jan. 22, showed annual grocery price inflation of 16.7%.

☆ UK consumer spending fails to match inflation in December: surveys
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 10 (Reuters) - British consumer spending in December lagged inflation, representing a sizeable fall in real-terms expenditure, despite contributions from Christmas shopping and the men's soccer World Cup, surveys showed on Tuesday. Separately, the British Retail Consortium said spending in store chains rose by 6.9% in annual terms in December - also representing a decline when adjusted for inflation. For 2022 as a whole, UK online retail sales fell 10.5% year-on-year - the first ever year of negative growth. Barclays also noted weak online retail sales. "The postal strikes hampered online retail due to fears of missing pre-Christmas delivery dates, while rising living costs caused more Brits to cancel their subscription services," Harwood said.

☆ Investors anxiously await jobs report for clues about Fed rate hikes
▼ + stars: | 2023-01-05 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

Traders are betting on a further deceleration in jobs growth because that could lead to a reduction in the size of interest rate hikes by the Federal Reserve. Further strength could set off more alarm bells about inflation and Fed rate hikes. Focus on worker payWall Street will also need to dive even deeper into Friday’s jobs report to get a better sense of what’s happening in the economy. Investors cheered the fact that wage growth, measured by average hourly earnings, rose only 4.7% over the previous 12 months in October. Big Tech keeps handing out pink slipsOverall, the jobs market is still in good shape.

☆ Aldi sales soar as UK shoppers battle record food inflation
▼ + stars: | 2023-01-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Aldi recorded its highest-ever December sales in the United Kingdom, as shoppers squeezed by searing food price inflation flocked to the German discount supermarket chain to save money on groceries. The British Retail Consortium said Wednesday that food inflation accelerated to 13.3% in December, up from 12.4% in November, the highest level recorded since it started tracking the data in 2005. Fresh food inflation accelerated to 15% in December, also an all-time high. Lidl’s sales increased by nearly 24%, its data showed. Tesco (TSCDF) and Sainsbury’s, the largest UK grocers by market share, grew sales by 6% and 6.2% respectively.

☆ UK fresh food prices surge 15% in year to December: BRC
▼ + stars: | 2023-01-04 | by ( David Milliken | ) www.reuters.com time to read: +2 min

The BRC said the overall annual rate of shop price inflation reported by its members - mostly large retail chains and supermarkets - dropped to 7.3% from 7.4%. Overall food price inflation rose to a record 13.3% from 12.4%, reflecting increases in the rate of inflation to 15.0% for fresh food and 11.0% for less perishable items. The BRC price data was collected between Dec. 1 and Dec. 7. Many British households are struggling. Separate research from the British government's Food Standards Agency in September found that 30% of households had reduced portion sizes or skipped meals to save money.

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