Inflation is bananas: after 20 years, Trader Joe’s raises the fruit’s price by four cents
The Guardian » Inflation
by Alaina Demopoulos
1d ago
Increase from 19 to 23 cents sparks an uproar as grocery store’s fans lament ‘end of an era’ Madeline Thomas is a Trader Joe’s superfan who posts updates about the grocery chain under the handle @TraderJolene. She knows so much about the American grocery chain that she’d worked out about the plan to raise the price of bananas days before it was first reported by CNN. “I’m deep in all of the grocery subreddits, and I could see grocery workers from Trader Joe’s talking about how everyone would freak out,” Thomas said ..read more
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How a viral $22 burrito explains inflation in the US
The Guardian » Inflation
by Lois Beckett in Los Angeles
1d ago
A San Francisco taqueria owner made waves after raising the price of a signature dish. We break down the costs – and why economists say it could be justified Ricardo Lopez’s taqueria is famous for a melt-in-your-mouth birria recipe that takes three days to prepare. Every week, hundreds of customers flock to La Vaca Birria in San Francisco’s Mission District for a taste of the slow-braised beef served over rice and beans or tucked into a crispy taco with a side of rich dipping broth. Lopez recently hiked the price of his signature birria burrito to $22, an eye-popping figure even in the pricey ..read more
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UK food price inflation slows to 4.5% but many still struggling
The Guardian » Inflation
by Sarah Butler
3d ago
Waitrose and Ocado win new shoppers while a quarter of households are feeling the squeeze Business live – latest updates Grocery price inflation in Great Britain has slowed to 4.5%, its lowest level since February 2022, but one in four households are still struggling financially, retail researchers have found. The upmarket retailers Waitrose and Ocado were the only grocers to win new shoppers in the past three months, according to the latest monthly figures from the analysts Kantar, as growth in more expensive branded groceries outstripped supermarket own label ..read more
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Better moment for UK economy likely to come too late for Rishi Sunak | Richard Partington
The Guardian » Inflation
by Richard Partington
4d ago
Prime minister has ruled out May election but households face high prices for sometime to come There had been feverish speculation it would be this week. The drive to Buckingham Palace, police outriders and news helicopters in tow. The lectern on Downing Street. The prime minister announcing a general election. Tuesday is the final day Rishi Sunak could dissolve parliament if he were to send voters to the polls on 2 May, one of the key dates in the 2024 election-watchers’ diaries, when local elections are also taking place. However, after the prime minister ruled out the possibility earlier th ..read more
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UK interest rate cuts ‘in play’, says Bank of England governor
The Guardian » Inflation
by Richard Partington Economics correspondent
6d ago
Comments come after MPC spoke of ‘encouraging signs’ of falling inflation that could lead to cuts Business live – latest updates The governor of the Bank of England has said interest rate cuts will be “in play” at forthcoming policy meetings amid progress in sharply reducing the UK’s headline rate of inflation over the past year. In a signal that Threadneedle Street is preparing the ground for a cut in borrowing costs within months, Andrew Bailey told the Financial Times: “All our meetings are in play. We take a fresh decision every time ..read more
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Bank of England leaves interest rates at 5.25% but signals future cuts
The Guardian » Inflation
by Phillip Inman
1w ago
Bank’s survey finds expectation of 4.5% base rate by end of 2024 amid ‘encouraging signs’ on inflation Bank of England policymakers signalled at least three interest rates cuts this year after seeing “encouraging signs” of falling inflation as they kept interest rates on hold at 5.25% for a fifth time. The financial markets expect three cuts of 0.25 percentage points this year, forecasting the first to take place in June. The Bank said its survey of financial companies found that they expected rates to fall to 4.5% before the end of 2024 ..read more
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Turkish central bank stuns market by hiking interest rates to 50%
The Guardian » Inflation
by Reuters in Istanbul
1w ago
Hawkish rise 10 days before local elections is seen as a signal of independence from politics Turkey’s central bank unexpectedly raised interest rates to 50% on Thursday, citing a deteriorating inflation outlook and pledging to tighten further if it looks like inflation is significantly and persistently worsening. The hawkish move came 10 days before local elections and was seen by analysts as a signal that the central bank was independent from any political constraints and determined to tackle price rises ..read more
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UK government borrows more in February than forecast with highest debt since 1960s
The Guardian » Inflation
by Richard Partington Economics correspondent
1w ago
Higher than expected figure of £8.4bn in February could derail OBR forecast for £114.1bn deficit for 2023-24 Business live – latest updates Jeremy Hunt has been handed disappointing news from the public finances after government borrowing was higher than expected in February, leaving the national debt at the highest levels since the 1960s. The Office for National Statistics said public sector net borrowing was £8.4bn in February, £3.4bn less than in the same month a year ago. However, it was higher than any economist expected in a Reuters poll that predicted a deficit of £6bn ..read more
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Next cheers retail sector with bumper profits and talk of falling prices
The Guardian » Inflation
by Sarah Butler
1w ago
Shares hit new high as chain says consumer backdrop is improving and ‘feels like it is now entering a new era’ Business live – latest updates Next said the prices it charges customers are falling this year, as the fashion and homeware retailer reported bumper profits and said the UK consumer backdrop was improving. Simon Wolfson, the group’s chief executive, said that it had been “a long time” since the group had started a financial year in such a positive frame of mind after the positive sales and growth results for the year to January ..read more
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Fed leaves interest rates unchanged but signals three cuts this year
The Guardian » Inflation
by Dominic Rushe
1w ago
Rates to stay at 25-year high of 5.25% to 5.5% as central bank says ‘inflation has eased over the past year but remains elevated’ The Federal Reserve announced on Wednesday that it would leave US interest rates at a 25-year high as it continues to assess their impact on cooling inflation and the wider economy. After a two-day meeting, the Fed announced rates would be unchanged at 5.25% to 5.5%, where they have been since July. But the Fed signaled it still expects to cut rates three times this year ..read more
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