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Food price inflation in the UK is the highest since April 2012

Food price inflation in the UK reached 5.2% in March, the highest since April 2012, according to the latest data from data analysis firm Kantar. As costs rise, consumers are turning to self-labeled products, which tend to be cheaper than branded ones and now account for 50.6% of total spending (up from 49.9% this year last year). Aldi discount retailers achieved a record market share of 8.6% and Lidl recorded its best performance at 6.4%, as both chains increased their sales by 3.6%. Overall supermarket sales fell 6.3 percent in the 12 weeks to March 20, compared with a year earlier, when many people were left home due to the Covid-19 pandemic. Fraser McKevitt, Head of Retail and Consumer Information at Kantar, said: Unsurprisingly, sales have been declining lately, as consumers are now more confident that they are eating out again. In addition to enjoying meals outside with friends and family, people will also grab food and drink on the go from supermarkets while traveling or at work. These sales are not included in these items that will receive the home, but will add to the overall performance of the grocery store. What we are really beginning to see is the change from the pandemic that is the dominant factor driving our buying behavior to the growing impact of inflation, as the cost of living becomes the biggest issue in the minds of consumers. More and more we will see consumers and retailers taking action to manage the rising cost of grocery carts. Consumers are increasingly turning to self-labeled products, which are usually cheaper than branded alternatives. Updated at 8.51 a.m. BST

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European stock markets have opened higher in the wake of peace talks between Ukraine and Russia. The FTSE 100 index in London is 59 points ahead of 7,532, recording an increase of 0.8%. The Dax in Frankfurt was up 1.2%, the CAC 40 in Paris was up 0.56%, the Ibex in Madrid was up 1.1% and the Milan Stock Exchange was up 1.2%.

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And finally, in our news summary, my colleague Dominic Rushe took a look at the new tax proposed by Joe Biden on America’s richest households when he presented his latest budget on Monday. The Biden government wants to impose a minimum tax of 20% on households worth more than $ 100 million. The proposal would raise more than $ 360 billion over the next decade and “ensure that richer Americans no longer pay a lower tax rate than teachers and firefighters,” according to a White House news release. The plan – called the “billionaire minimum income tax” – is the government’s most aggressive move to date to tax the richest Americans.

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Also on the retail front: Deliveroo has partnered with WH Smith, says Sarah. Books, stationery, phone chargers, toys and exam study guides are the latest items being delivered to high-speed bicycle customers through a partnership between WH Smith and Deliveroo. The retailer will offer 600 products for delivery in just 20 minutes, combining similar services offered by supermarkets, pharmacies and in a package. Meanwhile, Asda is facing a legal dispute with Waitrose after the revelation of a new series of groceries with a reduced price of 45 million pounds with a name similar to the established discount brand of its most expensive rival. Waitrose, which has been using the Essential Waitrose brand for about 13 years, said it sent a legal letter to its biggest competitor for the new Just Essentials brand from Asda on Monday. “We are surprised to learn that Asda is launching a range of core products as the Essential Waitrose brand has been in use since 2009 and has established a strong reputation for value, quality and the highest standards of well-being at the time,” said a Waitrose spokesman. which is part of the John Lewis Partnership owned by employees.

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The Iceland supermarket chain will temporarily return to using palm oil in some self-labeled foods from June, as the price of a basic alternative – sunflower oil – has skyrocketed by 1,000% during the war in Ukraine. Sarah Butler. In 2018, the supermarket chain announced with great fanfare that it was removing the controversial ingredient, which has been linked to the destruction of the Earth’s forests. As part of its anti-product stance, a TV commercial with Greenpeace was released, which was withdrawn after it was deemed too political. But now the retailer’s boss, Richard Walker, has announced on a blog that he is making a “huge sad” turn. “The only alternative to using palm oil under the current circumstances would be to simply clean our freezers and shelves from a wide range of basic products, including frozen potatoes and other potato products,” he said.

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“Nuclear power is our top priority”: US fuel sales soar as concerns about Russia grow. Gary Lynch, chief executive of Rising S Company in Texas, sold five shelters in one day in February for prices ranging from $ 70,000 to $ 240,000, according to Bradley Garrett.

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Rishi Sunak defended his spring statement yesterday by accusing him of failing to do enough to help Britain’s poorer people with rising living costs, arguing that the extra help could have jeopardized public finances, my colleagues told economic team, Richard Partington and Phillip. Inman. In a reluctant exchange of views with MPs in the House Finance Committee, the chancellor said he had to make choices about where to prioritize support because of rising government borrowing costs as the British economy is hit by rising inflation. from the Russian war in Ukraine. “One can say that if they do not like my choices, they will be happy to borrow a lot more. “This is not something I think is responsible or logical,” he said. Bank of England Governor Andrew Bailey warned of a shock to energy prices on the scale of the 1970s and said there were already signs of slowing growth as consumers and businesses came under increasing pressure to rising prices for gas, electricity and other goods and services.

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Introduction: Oil spill, German consumer confidence worsens over war concerns

Good morning and welcome to the rolling coverage of the global economy, financial markets, the eurozone and business. In Germany, a closely monitored GfK consumer confidence barometer fell to -15.5 in April, below expectations and a 14-month low. In March it was at -8.5. Consumers are worried about rising inflation and the war in Ukraine, which has led to a significant drop in expectations for the economy and their own finances. The measure of income expectations fell to -22.1, the lowest since the financial crisis of 2009. GfK said: In February, hopes were still high that the consumer climate would recover significantly with the predictable easing of pandemic-related constraints. However, the outbreak of war in Ukraine has dashed those hopes. Growing uncertainty and sanctions against Russia have pushed energy prices soaring, putting significant pressure on the general consumer climate. Holger Zschaepitz (@Schuldensuehner) Good morning from Germany, where consumer confidence in free fall as inflation and the war in Ukraine darken household expectations for financial and personal finances. The GfK consumer index fell to -15.5 in April, a 14-month low, from -8.5 in March. Revenue expectations fell to -22.1, lower than GFC pic.twitter.com/PvV3zPshLM March 29, 2022 Oil prices are falling again, extending losses from Monday, as traders worry about a sharp drop in demand from China. The biggest oil sell-off since mid-March took place yesterday, as Shanghai entered a two-stage Covid lockdown in view of peace talks between Ukraine and Russia. The negotiators are set to meet today in Istanbul for the first time in almost two weeks. War led to oil …