Wednesday, April 26, 2023UK inflation remains stickier than forecasted as CPI remains above 10%
Season 1, Ep. 77
The UK is showing that inflation continues to remain stickier than forecasted as consumer price inflation for March slowed by less than expected to 10.1% from 10.4% in February. The largest downward contributions came from motor fuels and heating oil prices, alongside soaring food prices which weighed heavily. Notable rising food prices included olive oil prices rising 49% in the year to March, sugar up 32% with milk, cheese and other dairy products all up over 30%. Food price inflation remains a thorn in the side to the Bank of England (“BoE”) achieving its inflation target of 2%. The Office for National Statistics (“ONS”) stated that this is the strongest increase in food prices in more than four decades. Retailers said that food inflation is a delayed effect of energy and commodity price rises during the past year along with poor harvests and a period of sterling weakness. As we enter the UK growing season, we are more likely to see a slowdown in food inflation, which hopefully will provide some ease to consumers...Stocks featured:Alphabet (Google), Amazon, Anglo American, Glencore, Meta Platforms (Facebook) Microsoft, Teck Resources and TeslaTo find out more about the investment management services offered by Walker Crips, please visit our website:https://www.walkercrips.co.uk/This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.