Latest news with #ConsumerPricesIndex
Agriland
22-07-2025
- Business
- Agriland
Global markets now ‘short of beef'
Lanark based-Simmental cattle breeder and former auctioneer, David Lowry, is of the view that beef markets will start to strengthen during the period ahead. Lowry, who judged the cattle classes at this year's Omagh Show, told Agriland: 'We may not get back up to £7/kg but the reality is that the UK and the rest of the world is short of beef at the present time. The Scottish breeder noted that consumers have already shown that they are prepared to pay realistic prices for beef, provided the quality of the meat is is good. He said: 'There has been a haemorrhaging of suckler cow numbers over recent years. This is because farmers were not getting prices for stock that covered their costs. 'And, as a consequence, they either cut cow numbers or got out of sucklers altogether. Thankfully, circumstances are changing, which can allow farmers to look again at suckler production with a degree of confidence.' Lowry is very aware of the growing focus that has been placed on beef from the dairy herd. 'But quality beef will still be required from the suckler sector. And the need to maintain cow numbers in this context is obvious,' Lowry added Irrespective of what happens in the future, Lowry feels that the days of beef farmers receiving rock-bottom prices for their cattle are over. He said: 'Consumers realise the costs required at farm level in making quality beef available. And this factor alone should help to bolster UK markets during the period ahead.' Food inflation Lowry was speaking against the backdrop of food inflation figures starting to notably strengthen once again. According to the UK's Office of National Statistics, the 12-month inflation rate for food and non-alcoholic beverages was 4.5% in June 2025. This was the third consecutive increase in the rate. It is the highest recorded since February 2024, but is well below the peak seen in early 2023. There were small upward effects to the change in the rate from three of the eleven food and non-alcoholic beverages classes: namely bread and cereals (particularly cakes), meat, and milk, cheese and eggs (mainly cheddar cheese). These were partially offset by small downward effects from the sugar, jam, syrups, chocolate and confectionery class (from chocolate products), and mineral waters, soft drinks and juices (from fruit juice). The official figures also confirm that the UK's Consumer Prices Index (CPI) rose by 3.6% in the 12 months to June 2025, up from 3.4% in the 12 months to May. On a monthly basis, CPI rose by 0.3% in June 2025, compared with a rise of 0.1% in June 2024.
Glasgow Times
22-07-2025
- Business
- Glasgow Times
DWP state pension review will not look at triple lock
The Work and Pensions Secretary has announced that she is reviving the commission, which last met in 2006, to tackle the issue of working age adults failing to put enough money into their retirement savings. Experts have warned that people looking to retire in 2050 are on course to receive £800 per year less than current pensioners. The commission is expected to provide recommendations for how to boost retirement income in 2027. Ms Kendall also confirmed that the next statutory Government review into when and how to raise the state pension age will start work now. 'Unless we act, tomorrow's pensioners will be poorer than today's, because people who are saving aren't saving enough for their retirement,' she said during a speech launching the commission. Lowering the age and earnings threshold at which people are brought into auto-enrolment and as well as looking at easy-access 'sidecar' savings accounts will be among the options the commission looks into. Ms Kendall was asked if she thought it was impossible to maintain the triple lock guarantee given its cost and if she could guarantee it would be in Labour's next manifesto. She said: 'The triple lock is out of scope of the commission. We've got a very clear commitment to that for the entirety of this Parliament. 'And what we're asking the commission to do is genuinely look medium to longer term, the middle of this century, and how the state pension and second pensions work together.' What is the triple lock and how much is the state pension worth? Under the triple lock system, the state pension increases each April in line with whichever of three measures is the highest: inflation in the September of the previous year, using a measure called the Consumer Prices Index (CPI) the average increase in total wages across the UK for May to June of the previous year or 2.5% The Office for Budget Responsibility recently said that the triple lock has already cost three times more than initially expected and suggested it was unaffordable in the long term. In April 2025, the earnings link meant the state pension increased by 4.1%, making it worth: £230.25 a week for the full, new flat-rate state pension, external (for those who reached state pension age after April 2016) - a rise of £472 a year £176.45 a week for the full, old basic state pension, external (for those who reached state pension age before April 2016) - a rise of £363 a year In general, you need 35 years of qualifying contributions to get a full state pension. Some people may have gaps in their NI record if, for example, they have lived abroad or taken time off to care for children. You can make voluntary payments to boost your contribution history. Since 6 April, you can only make payments for the previous six years. Ms Kendall was also asked about the potential hit to small businesses from increased automatic enrolment costs. 'I want our small businesses to be successful, but it is also the case, you know, flag forward to the middle of the century, 2050, if we don't act, the amount of pensioner poverty we face will cost everybody if we don't act,' she said. She said she was 'under no illusions about how difficult this will be'. Nigel Farage said the UK's retirement age will 'inevitably' have to rise as life expectancy increases. Asked at a press conference in Westminster whether he shared the concern that triple lock pensions are becoming 'increasingly unaffordable', the Reform UK leader said: 'I share the concern with pensions being unaffordable on a national level, I also share the concern at the absolute scandal of the private pensions industry, which has served people terribly but done frightfully well for itself. 'We're going to have to face the reality that if people are living longer and longer, then inevitably retirement age is going to have to rise.' The Department for Work and Pensions (DWP) said 45% of working-age adults were putting nothing into their pensions. Recommended reading: The previous pensions commission recommended automatically enrolling people in workplace pensions, which has seen the number of eligible employees saving rise from 55% in 2012 to 88%. DWP analysis suggested 15 million people were under-saving for retirement, with the self-employed, low-paid and some ethnic minorities particularly affected. Around three million self-employed people are said to be saving nothing for their retirement, while only a quarter of people on low pay in the private sector and the same proportion from Pakistani or Bangladeshi backgrounds are saving. Women face a significant gender pensions gap, with those approaching retirement in line to receive barely half the income that men can expect.
South Wales Argus
21-07-2025
- Business
- South Wales Argus
Iceland Food Club Card offers £75 interest free food loan
In total, £553 million extra will be spent per week across British households through the summer holidays, as families need more food at home, as well as extra extra snacks and drinks to keep the kids going. This comes as UK inflation rose to a near 18-month high this month, with food prices shooting up across the country for the third month running. The Office for National Statistics (ONS) said Consumer Prices Index inflation rose to 3.6% in June, up from 3.4% in May and the highest since January 2024. The rise in food prices has been described as a 'hammer blow' for shoppers. HOLD UP! Greggs Sausage Bean & Cheese Melts are now HALF PRICE! 😍 NOW £1.75, was £3.50! Offer ends 21.07.25. — Iceland Foods ❄️ (@IcelandFoods) July 7, 2025 More than a quarter of parents (26%) say they've used Buy Now, Pay Later (BNPL) services just to get by with their grocery shopping in summer. One in ten parents (10%) have also relied on loans to manage their food bill, with 21% selling personal items to cover the cost. Iceland is once again offering a more flexible and interest-free alternative through the Iceland Food Club. Delivered in partnership with not-for-profit lender Fair for You, the Food Club provides an initial interest-free loan of up to £75 to eligible applicants, loaded onto a pre-paid card for use in-store or online at Iceland or The Food Warehouse. The loan is repaid at £10 per week, helping families spread the cost of essentials without falling into a cycle of debt. Returning customers can load up to £100 onto their Food Club card during school holiday top-up windows, once they have paid back their previous loan. The details of how to apply are here. Richard Walker, Executive Chairman of Iceland Foods, says: 'The summer holidays should be a time for families to relax and make memories, not worry about how they're going to afford their next food shop. But the reality for millions is very different. When we hear that nearly a quarter of parents are skipping meals so their children can eat, we know we have to step in. Recommended reading: 'Our Food Club will be available this summer, offering real, practical support that helps people stock up their fridges and freezers without falling into debt traps.' Simon Dukes, CEO of Fair for You, adds: 'The summer break is always one of the most financially stressful times of the year for families and with the rising cost of living, we're expecting this six-week break to be our busiest period to date. 'Our Food Club with Iceland offers a safe, flexible alternative to high-cost credit, allowing parents to put food on the table now and repay in a way that works for them, especially when many will be preparing for the next set of back-to-school costs."
Glasgow Times
18-07-2025
- Business
- Glasgow Times
Iceland Food Club Card offers £75 interest free food loan
In total, £553 million extra will be spent per week across British households through the summer holidays, as families need more food at home, as well as extra extra snacks and drinks to keep the kids going. This comes as UK inflation rose to a near 18-month high this month, with food prices shooting up across the country for the third month running. The Office for National Statistics (ONS) said Consumer Prices Index inflation rose to 3.6% in June, up from 3.4% in May and the highest since January 2024. The rise in food prices has been described as a 'hammer blow' for shoppers. HOLD UP! Greggs Sausage Bean & Cheese Melts are now HALF PRICE! 😍 NOW £1.75, was £3.50! Offer ends 21.07.25. — Iceland Foods ❄️ (@IcelandFoods) July 7, 2025 More than a quarter of parents (26%) say they've used Buy Now, Pay Later (BNPL) services just to get by with their grocery shopping in summer. One in ten parents (10%) have also relied on loans to manage their food bill, with 21% selling personal items to cover the cost. Iceland is once again offering a more flexible and interest-free alternative through the Iceland Food Club. Delivered in partnership with not-for-profit lender Fair for You, the Food Club provides an initial interest-free loan of up to £75 to eligible applicants, loaded onto a pre-paid card for use in-store or online at Iceland or The Food Warehouse. The loan is repaid at £10 per week, helping families spread the cost of essentials without falling into a cycle of debt. Returning customers can load up to £100 onto their Food Club card during school holiday top-up windows, once they have paid back their previous loan. The details of how to apply are here. Richard Walker, Executive Chairman of Iceland Foods, says: 'The summer holidays should be a time for families to relax and make memories, not worry about how they're going to afford their next food shop. But the reality for millions is very different. When we hear that nearly a quarter of parents are skipping meals so their children can eat, we know we have to step in. Recommended reading: 'Our Food Club will be available this summer, offering real, practical support that helps people stock up their fridges and freezers without falling into debt traps.' Simon Dukes, CEO of Fair for You, adds: 'The summer break is always one of the most financially stressful times of the year for families and with the rising cost of living, we're expecting this six-week break to be our busiest period to date. 'Our Food Club with Iceland offers a safe, flexible alternative to high-cost credit, allowing parents to put food on the table now and repay in a way that works for them, especially when many will be preparing for the next set of back-to-school costs."
Leader Live
18-07-2025
- Business
- Leader Live
Iceland Food Club Card offers £75 interest free food loan
In total, £553 million extra will be spent per week across British households through the summer holidays, as families need more food at home, as well as extra extra snacks and drinks to keep the kids going. This comes as UK inflation rose to a near 18-month high this month, with food prices shooting up across the country for the third month running. The Office for National Statistics (ONS) said Consumer Prices Index inflation rose to 3.6% in June, up from 3.4% in May and the highest since January 2024. The rise in food prices has been described as a 'hammer blow' for shoppers. HOLD UP! Greggs Sausage Bean & Cheese Melts are now HALF PRICE! 😍 NOW £1.75, was £3.50! Offer ends 21.07.25. More than a quarter of parents (26%) say they've used Buy Now, Pay Later (BNPL) services just to get by with their grocery shopping in summer. One in ten parents (10%) have also relied on loans to manage their food bill, with 21% selling personal items to cover the cost. Iceland is once again offering a more flexible and interest-free alternative through the Iceland Food Club. Delivered in partnership with not-for-profit lender Fair for You, the Food Club provides an initial interest-free loan of up to £75 to eligible applicants, loaded onto a pre-paid card for use in-store or online at Iceland or The Food Warehouse. The loan is repaid at £10 per week, helping families spread the cost of essentials without falling into a cycle of debt. Returning customers can load up to £100 onto their Food Club card during school holiday top-up windows, once they have paid back their previous loan. The details of how to apply are here. Richard Walker, Executive Chairman of Iceland Foods, says: 'The summer holidays should be a time for families to relax and make memories, not worry about how they're going to afford their next food shop. But the reality for millions is very different. When we hear that nearly a quarter of parents are skipping meals so their children can eat, we know we have to step in. Recommended reading: 'Our Food Club will be available this summer, offering real, practical support that helps people stock up their fridges and freezers without falling into debt traps.' Simon Dukes, CEO of Fair for You, adds: 'The summer break is always one of the most financially stressful times of the year for families and with the rising cost of living, we're expecting this six-week break to be our busiest period to date. 'Our Food Club with Iceland offers a safe, flexible alternative to high-cost credit, allowing parents to put food on the table now and repay in a way that works for them, especially when many will be preparing for the next set of back-to-school costs."
