The Stats
The recent autumn heat has caused a surge in demand for barbecue food, according to statistics. Sales of burgers and ice cream have increased by 19% and 27% respectively over the past four weeks. This spike in sales comes as the rate of food inflation begins to slow.
Slowdown in Food Inflation
There is hope that the cost of the weekly shop is starting to ease, at least in some areas of the UK. Industry data from Kantar shows that prices of some essential foods are falling for the first time since last year. Butter, for example, is now 16p cheaper than it was a year ago. However, prices are still rising on other items such as eggs, sweets, and frozen potato products.
Shoppers Taking Action
Kantar's research also found that shoppers are taking their own steps to limit rising inflation. More than a quarter of items have been bought on promotion during the past year. Discount chains Lidl and Aldi are also growing their rate of sales at almost twice the rate of the entire grocery sector.
Temperature Dip
The Met Office is predicting a sharp dip in temperatures, with some parts of the UK expected to be 10 degrees Celsius colder by the weekend. This will mark the first widespread overnight frost of the season across central and northern areas.
Metro Bank's Future
The founder of Metro Bank has stated that the lender's reliance on high street branches means it has a "limited future." Anthony Thomson believes that the bank does not have the resources to support a roll-out of more branches and that customers are increasingly switching to online banking.
Markets Rally
Despite fears of war in Gaza, both stock and bond markets experienced gains. The FTSE 100 rose by 136 points, or 1.82%, and the FTSE 250 gained 395.61 points, or 2.25%. These gains were largely attributed to bets that US interest rate hikes may be coming to an end and reports of China taking steps to stimulate its economy.
Increasing Reliance on Credit
The Bank of England's latest state of the nation report reveals that Brits are spending more on credit cards and taking out longer mortgages to cope with rising bills. The report also warns that the full impact of high interest rates has yet to be realized by homeowners with more expensive mortgages.
Window Seller Seeks Buyer
Safestyle, the UK's largest window and door seller, has called in advisers to find a rescue buyer. The company is hoping to secure fresh funding or push through a sale to strengthen its balance sheet.
The Lipstick Effect
More Brits are treating themselves to affordable pick-me-ups during the cost-of-living crisis, leading to a boost in sales for health and beauty stores. Analysts believe this is due to consumers prioritizing small indulgences, such as makeup and face masks, over big-ticket items.
Sunny Weather Affects Retail Profits
The sunny autumn weather has made it harder for fashion retailers to sell their warmer collections, leading to concerns about dented profits. Retailers may have to heavily discount stock in order to shift items like jumpers and coats that were bought for September and October. Additionally, the sunny weather has delayed the start of Christmas shopping for many consumers.
