pound Inflation money economy web

UK inflation dipped to 10.7% in November as an easing in the rise in petrol prices helped to lower the rate from a 41-year high of 11.1% last month (The Financial Times £).

The rate of price rises, as measured by the consumer prices index, fell from a 41-year high of 11.1% in the previous month, when it is thought to have peaked (The Times £). Economists had forecast a fall to 10.9%.

Inflation eased back from its 41-year high in November as motorists saw slower increases in petrol and diesel costs, according to official data that raises hopes price rises have peaked (The Telegraph).

Jeremy Hunt, the chancellor, has warned that inflation is the “No 1 enemy” with households and businesses facing another increase in borrowing costs when Bank of England officials meet to decide interest rates today (The Times £).

The Times (£) updated its monthly roast dinner tracker and found the cost of a home-cooked Sunday roast for a family of four has reached its highest level in over a decade. It now costs £36.16, up 8.5% from the same time last year.

The cost of going out drinking has increased ahead of Christmas, with wine, gin and whisky prices rising (BBC News).

Port and sherry prices will increase next year when the Christmas drinks are hit by a double whammy of tax rises (The Telegraph).

Chancellor Jeremy Hunt is exploring plans to keep providing all British businesses with help for their energy bills once winter has passed, in what would be a break with current government policy to limit such aid to “vulnerable industries” after March (The Financial Times £).

The Mail runs an interview with Aldi boss Giles Hurley in which he declares his intentions to open 300 more UK stores.

Train strikes, a cold snap and snowy conditions have kept workers and shoppers from city centres this week, emptying out high streets and office buildings, figures show (The Guardian).

People should go into some stores rather than rely on online shopping if they want to get Christmas gifts on time, retailers have said, as postal strikes delay parcel deliveries (BBC News).

Pepco, the Warsaw-listed discount retailer, said it would increase spending on new stores rather than paying dividends as it seeks to capitalise from consumers trading down to cheaper brands (The Financial Times £).

A third of pubs and restaurants are being forced to reduce their Christmas opening hours because of a chronic shortage of staff (The Telegraph).

The number of registered companies in England and Wales going insolvent was 21% higher in November than a year ago, newly published data from the Insolvency Service revealed (The Mail).

There were 2,029 corporate insolvencies in England and Wales last month, which was also 21% higher than a year before (The Times £).

Corporate insolvencies are set to peak at a higher level than the last financial crisis as companies struggle with inflation and falling demand, according to restructuring executives (The Financial Times £).