UK inflation hits highest figure in almost a decade as food prices rise – business live

uk inflation hits highest figure in almost a decade as food prices rise business live 1

Sumary of UK inflation hits highest figure in almost a decade as food prices rise – business live:

  • To recap: UK inflation made its biggest jump on record in August amid a rise in food and drink prices, reversing a sharp decline a year earlier during the government’s eat out to help out restaurant discount scheme, reports our economics correspondent Richard Partington.
  • The Office for National Statistics (ONS) said the consumer prices index measure of annual inflation rose to 3.2% in August, up from 2% in July, as the cost of a meal snapped back from a period of steep discounting a year ago.
  • UK inflation in record August jump as food and drink prices rise The owner of the Wagamama restaurant chain has also warned of labour shortages and supply chain constraints.
  • Photograph: Neil Hall/Reuters Leaseholders have won a victory at Countryside Properties: thousands of people who bought leasehold homes from the housing developer will be freed from costly contract terms, following an investigation by consumer watchdog the Competition and Markets Authority (CMA), reports my colleague Joanna Partridge.
  • The company will also remove terms from updated contracts, which meant that the ground rent increased in line with the higher retail prices index (RPI) measure of inflation.
  • The announcement comes a year after the CMA launched enforcement action against four housing developers – Countryside, Taylor Wimpey, Barratt Developments and Persimmon Homes – in September 2020, which it believes may have broken consumer protection law in relation to leasehold homes.
  • Photograph: Getty Images In France, inflation is a bit more subdued, but also picked up in August, according to final figures from the French statistics institute Insee.
  • They increased 4.9% between July and August, and have increased cumulatively by 18.4% since April 2021. The Office for National Statistics explains that since the coronavirus pandemic started, there have been reports of increased demand for cars as people sought safer alternatives to public transport.

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