The cost of store items, known as shop price inflation, rose 9% through the year to May, a fresh high for an index that dates back to 2005, according to the British Retail Consortium. Food inflation dipped slightly to 15.4% in May, but that’s still the second-highest rate on record. Lower energy and commodity costs helped reduce prices of some staples, including butter, milk, fruit and fish.
Price controls distort markets and should only be used “in extreme circumstances,” Neal Shearing, group chief economist at Capital Economics, wrote in a note Tuesday. “The current food price shock does not warrant such an intervention,” he added. The Sunday Telegraph was first to report the government’s proposal, which was quickly rejected by retailers.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
State Farm stops home insurance sales in California, citing wildfire risks | CNN BusinessState Farm is stopping new home insurance sales in California, citing wildfire risks and skyrocketing construction costs, the company announced Friday.
Source: CNN - 🏆 4. / 95 Read more »
Microsoft executive calls for faster AI regulation | CNN BusinessThe government needs to work faster to regulate AI, which has more potential for the good of humanity than any other invention preceding it, Brad Smith, Microsoft president and vice chair, said on CBS’ “Face the Nation” Sunday.
Source: CNN - 🏆 4. / 95 Read more »
Turkish lira hits new record low after Erdogan election victory | CNN BusinessTurkey’s lira hit fresh record lows against the US dollar on Monday after President Recep Tayyip Erdogan secured victory in Sunday’s presidential election, extending his increasingly authoritarian rule into a third decade.
Source: cnni - 🏆 326. / 59 Read more »
Here's what's open and closed on Memorial Day 2023 | CNN BusinessThe last Monday of May honors and mourns members of the US armed forces who died serving the country. Here’s what’s open and closed on Memorial Day 2023.
Source: CNN - 🏆 4. / 95 Read more »
31 billionaires are worth more than the US Treasury has in cash | CNN BusinessCash levels at the US Treasury are tumbling toward a dangerously low level as Washington waits until the last minute to raise the debt ceiling.
Source: cnni - 🏆 326. / 59 Read more »