The UK’s inflation rate, measured by the Consumer Prices Index, fell to 2 per cent in December, the first time it’s reached the government’s set target since November 2009. Inflation fell 2.1 per cent from November 2013, a drop that the Office for National Statistics (ONS) attributed to slower increases in the prices of food.
Prices of frozen turkeys this year are up by 17 per cent in supermarkets, despite the wholesale market only increasing by 8 per cent. Research published by The Grocer Magazine last year found that the average price of a frozen turkey weighing 5-6kg cost £17. This is compared to the £20 average which supermarket chains will be commanding this year, according to the Daily Mail.
New figures show shop prices in March rose at the fastest rate since December as the cost of non-food goods increased for the first time in over a year. According to the latest results from the British Retail Consortium (BRC), shop price inflation rose 1.4 per cent overall last month, up from 1.1 per cent in February.
The latest results from the British Retail Consortium (BRC) - Nielsen Shop Price Index have found shop price inflation nearly doubled in February, despite food inflation falling to a five-month low. The BRC on Wednesday announced overall shop price inflation rose from 0.6 per cent over the year to January to 1.1 per cent over the 12 months to February.
Shop prices in the UK experienced the slowest-rate of growth in more than three years as post-Christmas sales eased household spending. The latest results from the British Retail Consortium (BRC) and Nielsen found shop price inflation fell to 0.6 per cent in January from 1.5 per cent in December.
Photo credit: Apple Inc. Apple Inc could be working on a lower-end iPhone as it looks to compete with its aggressively-priced smartphone rivals. According to the Wall Street Journal, people briefed on the matter have said a plan to develop a cheaper device is progressing, with a less expensive version of its flagship iPhone possibly entering the market later this year.
Apple Inc.'s iPhone 5.
The knock-on effect of a slowdown in the global luxury sector is still claiming victims, as a sharp fall in Hugo Boss’ share price saw SVG Capital drop into reverse for its third quarter. Shares in Hugo Boss, SVG’s largest single holding, fell 12 per cent in the last three months, denting SVG’s net asset value with a 4.4 per cent drop to 361.8p a share.
Billabong was this week forced to issue a statement confirming talks are still underway with TPG, over a potential sale of the group. According to the Financial Times, the Australian sportswear retailer denied the deal had been called off, although it did admit TPG had raised concerns over a number of issues during its due diligence investigations of Billabong.
Poundland is set to hire an additional 2,000 seasonal workers over the peak Christmas period, with plans to open ten temporary stores in the run up to 25 December. “Christmas is a really busy time for Poundland and we’re thrilled, especially when employment figures are so low, that we can offer even more people a job over the festive period,” said chief executive Jim McCarthy in a report by the Grocer.
Strong trading in the UK and Europe saw total sales at Primark rise 15 per cent for the year to 15 September. Primark owner Associated British Foods (ABF) said like-for-like sales at the fast fashion chain had risen 3 per cent over the year. "June, July and August have been great for Primark in the UK.” ABF finance director John Bason said on Monday.
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