IMF raises UK growth forecast in boost for chancellor - business live

Rolling coverage of the latest economic and financial news In some unwelcome news for shoppers – UK grocery price inflation has risen again, up to 2.5% in the four weeks ended on 4 October, up from 2.3% in the prior month, according to new figures from Worldpanel by Numerator. Fr

Rolling coverage of the latest economic and financial news In some unwelcome news for shoppers – UK grocery price inflation has risen again, up to 2.5% in the four weeks ended on 4 October, up from 2.3% in the prior month, according to new figures from Worldpanel by Numerator. Fraser McKevitt , head of retail and consumer insight at Worldpanel by Numerator , said: With the autumn budget fast approaching, the cost of living continues to weigh heavily on the minds of shoppers. And the cost of filling up a car is only adding to the pressure on household budgets.

More than half tell us they’re very or extremely worried about petrol prices, and almost one in three say it’s already taking a real toll on their finances. Until the chancellor sets out his plans, we expect that caution to carry on showing up at the till, with shoppers leaning more heavily on promotions to keep their grocery spend under control.” We’ve seen rerouting of supplies from the Middle East, increased production outside the conflict region, drawdown of inventories, increases in energy efficiency, and switches to other sources of energy, including renewables-all that played out to contain the shock. But some of these margins are getting really thin, including inventories and efficiency gains.

We are reaching those limits, so it’s very important to start replenishing that resilience, and that’s part of the message. We need to replenish supply-side resilience and also fiscal buffers because they have been used up to contain many of the shocks that we’ve had over the past six, seven years. Continue reading...