‘Catastrophic’ global food shock could last ‘for years’, S&P warns – live updates
ghello. Retailers have warned that on-shelf food prices are rising at the fastest rate in a decade, with stores passing the higher costs onto customers.
Food price inflation in stores rose to 4.3% in May according to the British Retail Consortium, the highest since 2012.
Helen Dickinson, chief executive of the BRC, said the price increase will “get worse before it gets better”, adding: “With few signs that the cost burden for retailers will ease any time soon, they will have little room to manoeuvre, especially those whose supply chains are affected by lockdowns in China and the war in Ukraine.
5 things to start your day
1) Pound likely to go on a rollercoaster ride amid political uncertainty The future of the pound does not look rosy as a major Wall Street bank says it faces an existential crisis
2) Europe edges closer to energy crisis as Kremlin cuts gas supply to Shell UK firm loses access to Russian fuel over refusal to pay in rubles
3) Blame game erupts as airlines and ministers blame travel chaos Holidaymakers again suffer disruption at UK airports mid-term
4) Competition regulator’s new boss parachuted in after declared war on gas station scams Marcus Bokkerink, former partner of a large consulting firm, joins the board of directors of the French Competition and Markets Authority
5) Billionaire activist Nelson Peltz joins Unilever board FTSE 100 giant to engage with Peltz on strategy amid growing criticism over emphasis on ‘social purpose’
What happened overnight
Shares in Hong Kong fell in early trading on Wednesday morning, with the Hang Seng index falling 0.35% or 75.00 points to 21,340.20.
The Shanghai Composite Index fell 0.34%, or 10.93 points, to 3,175.50, while the Shenzhen Composite Index on China’s second-largest stock exchange fell 0.30%, or 5, 95 points, at 2,001.00.
Tokyo stocks opened higher on Wednesday, ignoring falls on Wall Street.
The benchmark Nikkei 225 rose 0.18%, or 49.61 points, to 27,329.41 in early trading, while the broader Topix index rose 0.32%, or 6, 19 points, at 1,918.86.
- Annual results: Dr Martens
- Economy: Manufacturing PMI (UK, US, EU)unemployment rate (EU)retail (All)