A surprise fall in inflation in November has raised hopes that the Bank of England will begin cutting interest rates sooner than expected.
Meanwhile, the prices of a variety of baked goods, including white and wholemeal sliced bread, along with packs of cakes fell between October and November after rising a year ago.
Chef Seema Dalvi, at Dalvee restaurant in Poulton, Lancashire told the BBC that while price rises were slowing down “inflation is definitely killing us”.
However, on Wednesday Martin Beck, chief economic adviser to the EY Item Club, said the Bank would now find it harder to justify its “high for longer rhetoric around interest rates”.
Chancellor Jeremy Hunt said the latest inflation figures set the UK “back on the path to healthy, sustainable [economic] growth”, but that the government would “continue to prioritise measures that help with cost of living pressures”.
But Rachel Reeves, Labour’s shadow chancellor, said “prices are still going up in the shops, household bills are rising and more than a million people face higher mortgage payments next year after the Conservatives crashed the economy”.
The original article contains 918 words, the summary contains 181 words. Saved 80%. I’m a bot and I’m open source!
Chef Seema Dalvi, at Dalvee restaurant in Poulton, Lancashire told the BBC that while price rises were slowing down “inflation is definitely killing us”.
Hmm. I wouldn’t think that inflation would necessarily be especially bad from a restaurant’s standpoint. It tends to be bad for importers and good for exporters. Restaurants don’t export, but I wouldn’t think that a lot of their costs would be imports, either – I’d think that they’d mostly be domestic. Labor and such.
And it looks like over the past few years, despite the inflation, the pound has strengthened against the rupee. You wouldn’t think that that’d be a problem from their position.
I guess maybe they could be importing ingredients used in Indian food from somewhere other than India. Like…okay, I guess rice is probably imported from somewhere else.
Rising prices of Italian rice have forced buyers to turn to Asia
Rice, along with pasta and bread, was one of the budget foods recent Office for National Statistics’ figures highlighted as increasing in price at a much faster rate than general inflation, with the cheapest rice option now costing 15% more than a year ago.
This is the best summary I could come up with:
A surprise fall in inflation in November has raised hopes that the Bank of England will begin cutting interest rates sooner than expected.
Meanwhile, the prices of a variety of baked goods, including white and wholemeal sliced bread, along with packs of cakes fell between October and November after rising a year ago.
Chef Seema Dalvi, at Dalvee restaurant in Poulton, Lancashire told the BBC that while price rises were slowing down “inflation is definitely killing us”.
However, on Wednesday Martin Beck, chief economic adviser to the EY Item Club, said the Bank would now find it harder to justify its “high for longer rhetoric around interest rates”.
Chancellor Jeremy Hunt said the latest inflation figures set the UK “back on the path to healthy, sustainable [economic] growth”, but that the government would “continue to prioritise measures that help with cost of living pressures”.
But Rachel Reeves, Labour’s shadow chancellor, said “prices are still going up in the shops, household bills are rising and more than a million people face higher mortgage payments next year after the Conservatives crashed the economy”.
The original article contains 918 words, the summary contains 181 words. Saved 80%. I’m a bot and I’m open source!
Hmm. I wouldn’t think that inflation would necessarily be especially bad from a restaurant’s standpoint. It tends to be bad for importers and good for exporters. Restaurants don’t export, but I wouldn’t think that a lot of their costs would be imports, either – I’d think that they’d mostly be domestic. Labor and such.
googles
Apparently Dalvee is an Indian restaurant.
https://www.google.com/finance/quote/GBP-INR?window=5Y
And it looks like over the past few years, despite the inflation, the pound has strengthened against the rupee. You wouldn’t think that that’d be a problem from their position.
I guess maybe they could be importing ingredients used in Indian food from somewhere other than India. Like…okay, I guess rice is probably imported from somewhere else.
googles
Ah hah. From last year:
https://www.theguardian.com/food/2022/jun/22/rice-price-yorkshire-importer-costs