U.K. food inflation jumps for fourth month in a row
Food inflation in the U.K. rose by 2.8% year-on-year in May, according to the British Retail Consortium, marking the fourth consecutive month of price rises.
The figure was up from 2.6% year-on-year growth in April, and above the three-month average of 2.6%.
Helen Dickinson, Chief Executive of the BRC, said in a statement on Tuesday that fresh food prices were the main driver of the price rises, with wholesale beef prices increasing. She argued that increased costs being leveraged on businesses were having an inflationary impact.
“With retailers now absorbing the additional £5bn in costs from April’s increased Employer National Insurance contributions and National Living Wage, it is no surprise that inflation is rearing its head once again,” she said.
— Chloe Taylor
European stock markets expected to open slightly lower
European stock markets are expected to have a mostly negative open on Tuesday.
Futures contracts tied to the Stoxx Europe 600 index point to a 0.2% loss at the open, while Germany’s DAX is poised to be in the red by 0.1%. Meanwhile, France’s CAC 40 is expected to open flat, and the U.K.’s FTSE 100 is bucking the trend with a 0.8% gain.
— Ganesh Rao