Latest news with #GrantFitzner
Yahoo
21-05-2025
- Business
- Yahoo
UK inflation hits 15-month high as utility bills soar
Britain's annual inflation rate surged more than expected in April as energy and water bills rose sharply, official data showed on Wednesday. The Consumer Prices Index soared to 3.5 percent last month, up from 2.6 percent in March, the Office for National Statistics said in a statement. Analysts' consensus forecast had been for a jump to 3.3 percent. At 3.5 percent, the headline rate was the highest since the beginning of 2024, the ONS noted. "I am disappointed with these figures because I know cost of living pressures are still weighing down on working people," finance minister Rachel Reeves said in a statement. UK regulators allowed private companies to hike household bills from April, taking into account movements in oil and gas markets and indebted water providers. "Significant increases in household bills caused inflation to climb steeply," ONS acting director general, Grant Fitzner, said in a statement. "Gas and electricity bills rose... compared with sharp falls at the same time last year." He noted that "water and sewerage bills also rose strongly... as did vehicle excise duty, which all pushed the headline rate up to its highest level since the beginning of last year". Energy bills are expected to drop from July, however, following recent heavy falls to oil prices in the wake of US President Donald Trump's tariffs blitz, according to analysts. Businesses were additionally hit in April by a tax hike and rise to the minimum wage, which both took effect last month having been introduced by the Labour government following its July election victory that ended 14 years of Conservative rule. Tory spokesman on the economy, Mel Stride, blamed "Labour's economic mismanagement" for the surge to inflation. "Families are paying the price for the Labour... choices," he added, as businesses pass on higher costs to consumers. - Bank of England - Analysts said the latest data could see the Bank of England ease the pace at which it has been cutting interest rates in recent months. "The BoE's next move is far from straightforward," noted Richard Flax, chief investment officer at wealth manager Moneyfarm. "The central bank is likely to remain cautious, potentially delaying rate cuts until there's clearer evidence that inflationary momentum is genuinely easing." The BoE earlier this month cut its key interest rate by a quarter point to 4.25 percent as the threat of US tariffs starts to weigh on economic growth. It followed three reductions spread over the previous eight months. bcp/lth
Yahoo
21-05-2025
- Business
- Yahoo
FTSE 100 LIVE: Stocks muted as UK inflation surges to highest in over a year
The FTSE 100 (^FTSE) and European stocks got off to a lacklustre start on Wednesday as UK inflation rose more sharply than expected in April, driven by a surge in energy and transport costs. Consumer prices increased by 3.5% in the year to April, up from 2.6% in March, according to data released by the Office for National Statistics (ONS) on Wednesday. It marks the highest annual rate since February 2024 and sits near the top of economists' forecasts. The ONS said the largest upward contributions came from housing and household services, transport, and recreation and culture. Clothing and footwear, meanwhile, were the biggest drag on prices. ONS acting director general Grant Fitzner said: 'Significant increases in household bills caused inflation to climb steeply. 'Gas and electricity bills rose this month compared with sharp falls at the same time last year due to changes to the Ofgem energy price cap. 'Water and sewerage bills also rose strongly this year as did vehicle excise duty, which all pushed the headline rate up to its highest level since the beginning of last year. 'This was partially offset by falling prices for motor fuels and clothing, driven by heavy discounting for children's garments and women's footwear.' London's benchmark index (^FTSE) was flat in early trade Germany's DAX (^GDAXI) was also treading water and the CAC (^FCHI) in Paris headed 0.4% into the red The pan-European STOXX 600 (^STOXX) was down 0.2% Wall Street is set for a negative start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the red. The pound was 0.2% higher against the US dollar (GBPUSD=X) at 1.3411 Follow along for live updates throughout the day: In a statement this morning, shadow chancellor Mel Stride said the jump in inflation to its highest level since February 2024 "is worrying for families". Liberal Democrats deputy leader Daisy Cooper said the government cannot allow inflation "to spiral as it did under the Conservatives", but warns that it risks "repeating their record" as long as the employer's national insurance hike remains in place. On the back of today's ONS data, chancellor Rachel Reeves said: UK inflation rose more sharply than expected in April, driven by a surge in energy and transport costs, pushing the headline rate well above 3% and raising fresh questions for the Bank of England. Consumer prices increased by 3.5% in the year to April, up from 2.6% in March, according to data released by the Office for National Statistics (ONS) on Wednesday. It marks the highest annual rate since February 2024 and sits near the top of economists' forecasts. The ONS said the largest upward contributions came from housing and household services, transport, and recreation and culture. Clothing and footwear, meanwhile, were the biggest drag on prices. ONS acting director general Grant Fitzner said: Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by 3.8% in the year to April, up from 3.4% in the 12 months to March. Stocks in Asia were mostly higher overight with the Hang Seng (^HSI) rising 0.5% in Hong Kong, and the Shanghai Composite ( 0.2% up by the end of the session. However, the Nikkei (^N225) fell 0.6% on the day in Tokyo , as export growth in Japan continued to decelerate for the second consecutive month in April. It came as th country grappled with the fallout from tariffs imposed by the US. Imports shrank 2.2% from a year ago, less than the Bloomberg estimates of a 4.2% decline and compared to a downwardly revised increase of 1.8% the previous month. As a result, Japan's trade balance unexpectedly swung into a deficit of 115.8 billion yen compared to the 215.3 billion yen expected after two months in the black. Across the pond, major stock indexes eased while longer-dated US Treasury yields inched higher on Tuesday, with investors focused on fiscal concerns as congress debated a bill for sweeping tax cuts. The S&P 500 (^GSPC) fell 0.39% last night, in what marked the end of a six day winning streak. The Dow Jones (^DJI) finished 0.27% lower, while the tech-heavy Nasdaq (^IXIC) index fell 0.37%. 'The main driver is a consolidation day,' said analyst Patrick O'Hare. 'The market has just been so red hot.' Investors have also been fixated on higher yields in the Treasury market. Moody's highlighted the deficit last week in a downgrade of the US credit rating. Good morning, and welcome back to our markets live blog. As usual, we will be taking a deep dive into what's moving markets and happening across the global economy. Looking at the day ahead, data releases include the UK CPI release for April. Central bank speakers include ECB Vice President de Guindos, the ECB's Centeno, Lane and Escriva, and the Fed's Barkin and Bowman. Finally, earnings releases include TJX and Target. Here's a quick snapshot of what's on the agenda for today: 7am: Trading updates: M&S, Severn Trent, Great Portland Estates, Helical, Avon Technologies, Currys, Coats, Regional REIT 7am: UK inflation for April 7am: UK retail sales G7 two-day meeting of finance ministers and central bank governors in CanadaIn a statement this morning, shadow chancellor Mel Stride said the jump in inflation to its highest level since February 2024 "is worrying for families". Liberal Democrats deputy leader Daisy Cooper said the government cannot allow inflation "to spiral as it did under the Conservatives", but warns that it risks "repeating their record" as long as the employer's national insurance hike remains in place. On the back of today's ONS data, chancellor Rachel Reeves said: UK inflation rose more sharply than expected in April, driven by a surge in energy and transport costs, pushing the headline rate well above 3% and raising fresh questions for the Bank of England. Consumer prices increased by 3.5% in the year to April, up from 2.6% in March, according to data released by the Office for National Statistics (ONS) on Wednesday. It marks the highest annual rate since February 2024 and sits near the top of economists' forecasts. The ONS said the largest upward contributions came from housing and household services, transport, and recreation and culture. Clothing and footwear, meanwhile, were the biggest drag on prices. ONS acting director general Grant Fitzner said: Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by 3.8% in the year to April, up from 3.4% in the 12 months to March. Stocks in Asia were mostly higher overight with the Hang Seng (^HSI) rising 0.5% in Hong Kong, and the Shanghai Composite ( 0.2% up by the end of the session. However, the Nikkei (^N225) fell 0.6% on the day in Tokyo , as export growth in Japan continued to decelerate for the second consecutive month in April. It came as th country grappled with the fallout from tariffs imposed by the US. Imports shrank 2.2% from a year ago, less than the Bloomberg estimates of a 4.2% decline and compared to a downwardly revised increase of 1.8% the previous month. As a result, Japan's trade balance unexpectedly swung into a deficit of 115.8 billion yen compared to the 215.3 billion yen expected after two months in the black. Across the pond, major stock indexes eased while longer-dated US Treasury yields inched higher on Tuesday, with investors focused on fiscal concerns as congress debated a bill for sweeping tax cuts. The S&P 500 (^GSPC) fell 0.39% last night, in what marked the end of a six day winning streak. The Dow Jones (^DJI) finished 0.27% lower, while the tech-heavy Nasdaq (^IXIC) index fell 0.37%. 'The main driver is a consolidation day,' said analyst Patrick O'Hare. 'The market has just been so red hot.' Investors have also been fixated on higher yields in the Treasury market. Moody's highlighted the deficit last week in a downgrade of the US credit rating. Good morning, and welcome back to our markets live blog. As usual, we will be taking a deep dive into what's moving markets and happening across the global economy. Looking at the day ahead, data releases include the UK CPI release for April. Central bank speakers include ECB Vice President de Guindos, the ECB's Centeno, Lane and Escriva, and the Fed's Barkin and Bowman. Finally, earnings releases include TJX and Target. Here's a quick snapshot of what's on the agenda for today: 7am: Trading updates: M&S, Severn Trent, Great Portland Estates, Helical, Avon Technologies, Currys, Coats, Regional REIT 7am: UK inflation for April 7am: UK retail sales G7 two-day meeting of finance ministers and central bank governors in Canada
Yahoo
21-05-2025
- Business
- Yahoo
FTSE 100 LIVE: Stocks muted as UK inflation surges to highest in over a year
The FTSE 100 (^FTSE) and European stocks got off to a lacklustre start on Wednesday as UK inflation rose more sharply than expected in April, driven by a surge in energy and transport costs. Consumer prices increased by 3.5% in the year to April, up from 2.6% in March, according to data released by the Office for National Statistics (ONS) on Wednesday. It marks the highest annual rate since February 2024 and sits near the top of economists' forecasts. The ONS said the largest upward contributions came from housing and household services, transport, and recreation and culture. Clothing and footwear, meanwhile, were the biggest drag on prices. ONS acting director general Grant Fitzner said: 'Significant increases in household bills caused inflation to climb steeply. 'Gas and electricity bills rose this month compared with sharp falls at the same time last year due to changes to the Ofgem energy price cap. 'Water and sewerage bills also rose strongly this year as did vehicle excise duty, which all pushed the headline rate up to its highest level since the beginning of last year. 'This was partially offset by falling prices for motor fuels and clothing, driven by heavy discounting for children's garments and women's footwear.' London's benchmark index (^FTSE) was flat in early trade Germany's DAX (^GDAXI) was also treading water and the CAC (^FCHI) in Paris headed 0.4% into the red The pan-European STOXX 600 (^STOXX) was down 0.2% Wall Street is set for a negative start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the red. The pound was 0.2% higher against the US dollar (GBPUSD=X) at 1.3411 Follow along for live updates throughout the day: On the back of today's ONS data, chancellor Rachel Reeves said: UK inflation rose more sharply than expected in April, driven by a surge in energy and transport costs, pushing the headline rate well above 3% and raising fresh questions for the Bank of England. Consumer prices increased by 3.5% in the year to April, up from 2.6% in March, according to data released by the Office for National Statistics (ONS) on Wednesday. It marks the highest annual rate since February 2024 and sits near the top of economists' forecasts. The ONS said the largest upward contributions came from housing and household services, transport, and recreation and culture. Clothing and footwear, meanwhile, were the biggest drag on prices. ONS acting director general Grant Fitzner said: Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by 3.8% in the year to April, up from 3.4% in the 12 months to March. Stocks in Asia were mostly higher overight with the Hang Seng (^HSI) rising 0.5% in Hong Kong, and the Shanghai Composite ( 0.2% up by the end of the session. However, the Nikkei (^N225) fell 0.6% on the day in Tokyo , as export growth in Japan continued to decelerate for the second consecutive month in April. It came as country grappled with the fallout from tariffs imposed by the US. Imports shrank 2.2% from a year ago, less than the Bloomberg estimates of a 4.2% decline and compared to a downwardly revised increase of 1.8% the previous month. As a result, Japan's trade balance unexpectedly swung into a deficit of 115.8 billion yen compared to the 215.3 billion yen expected after two months in the black. Across the pond, major stock indexes eased while longer-dated US Treasury yields inched higher on Tuesday, with investors focused on fiscal concerns as congress debated a bill for sweeping tax cuts. The S&P 500 (^GSPC) fell 0.39% last night, in what marked the end of a six day winning streak. The Dow Jones (^DJI) finished 0.27% lower, while the tech-heavy Nasdaq (^IXIC) index fell 0.37%. 'The main driver is a consolidation day,' said analyst Patrick O'Hare. 'The market has just been so red hot.' Investors have also been fixated on higher yields in the Treasury market. Moody's highlighted the deficit last week in a downgrade of the US credit rating. Good morning, and welcome back to our markets live blog. As usual, we will be taking a deep dive into what's moving markets and happening across the global economy. Looking at the day ahead, data releases include the UK CPI release for April. Central bank speakers include ECB Vice President de Guindos, the ECB's Centeno, Lane and Escriva, and the Fed's Barkin and Bowman. Finally, earnings releases include TJX and Target. Here's a quick snapshot of what's on the agenda for today: 7am: Trading updates: M&S, Severn Trent, Great Portland Estates, Helical, Avon Technologies, Currys, Coats, Regional REIT 7am: UK inflation for April 7am: UK retail sales G7 two-day meeting of finance ministers and central bank governors in CanadaOn the back of today's ONS data, chancellor Rachel Reeves said: UK inflation rose more sharply than expected in April, driven by a surge in energy and transport costs, pushing the headline rate well above 3% and raising fresh questions for the Bank of England. Consumer prices increased by 3.5% in the year to April, up from 2.6% in March, according to data released by the Office for National Statistics (ONS) on Wednesday. It marks the highest annual rate since February 2024 and sits near the top of economists' forecasts. The ONS said the largest upward contributions came from housing and household services, transport, and recreation and culture. Clothing and footwear, meanwhile, were the biggest drag on prices. ONS acting director general Grant Fitzner said: Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by 3.8% in the year to April, up from 3.4% in the 12 months to March. Stocks in Asia were mostly higher overight with the Hang Seng (^HSI) rising 0.5% in Hong Kong, and the Shanghai Composite ( 0.2% up by the end of the session. However, the Nikkei (^N225) fell 0.6% on the day in Tokyo , as export growth in Japan continued to decelerate for the second consecutive month in April. It came as country grappled with the fallout from tariffs imposed by the US. Imports shrank 2.2% from a year ago, less than the Bloomberg estimates of a 4.2% decline and compared to a downwardly revised increase of 1.8% the previous month. As a result, Japan's trade balance unexpectedly swung into a deficit of 115.8 billion yen compared to the 215.3 billion yen expected after two months in the black. Across the pond, major stock indexes eased while longer-dated US Treasury yields inched higher on Tuesday, with investors focused on fiscal concerns as congress debated a bill for sweeping tax cuts. The S&P 500 (^GSPC) fell 0.39% last night, in what marked the end of a six day winning streak. The Dow Jones (^DJI) finished 0.27% lower, while the tech-heavy Nasdaq (^IXIC) index fell 0.37%. 'The main driver is a consolidation day,' said analyst Patrick O'Hare. 'The market has just been so red hot.' Investors have also been fixated on higher yields in the Treasury market. Moody's highlighted the deficit last week in a downgrade of the US credit rating. Good morning, and welcome back to our markets live blog. As usual, we will be taking a deep dive into what's moving markets and happening across the global economy. Looking at the day ahead, data releases include the UK CPI release for April. Central bank speakers include ECB Vice President de Guindos, the ECB's Centeno, Lane and Escriva, and the Fed's Barkin and Bowman. Finally, earnings releases include TJX and Target. Here's a quick snapshot of what's on the agenda for today: 7am: Trading updates: M&S, Severn Trent, Great Portland Estates, Helical, Avon Technologies, Currys, Coats, Regional REIT 7am: UK inflation for April 7am: UK retail sales G7 two-day meeting of finance ministers and central bank governors in Canada
France 24
21-05-2025
- Business
- France 24
UK inflation hits 15-month high as utility bills soar
The Consumer Prices Index soared to 3.5 percent last month, up from 2.6 percent in March, the Office for National Statistics said in a statement. Analysts' consensus forecast had been for a jump to 3.3 percent. At 3.5 percent, the headline rate was the highest since the beginning of 2024, the ONS noted. "I am disappointed with these figures because I know cost of living pressures are still weighing down on working people," finance minister Rachel Reeves said in a statement. UK regulators allowed private companies to hike household bills from April, taking into account movements in oil and gas markets and indebted water providers. "Significant increases in household bills caused inflation to climb steeply," ONS acting director general, Grant Fitzner, said in a statement. "Gas and electricity bills rose... compared with sharp falls at the same time last year." He noted that "water and sewerage bills also rose strongly... as did vehicle excise duty, which all pushed the headline rate up to its highest level since the beginning of last year". Energy bills are expected to drop from July, however, following recent heavy falls to oil prices in the wake of US President Donald Trump's tariffs blitz, according to analysts. Businesses were additionally hit in April by a tax hike and rise to the minimum wage, which both took effect last month having been introduced by the Labour government following its July election victory that ended 14 years of Conservative rule. Tory spokesman on the economy, Mel Stride, blamed "Labour's economic mismanagement" for the surge to inflation. "Families are paying the price for the Labour... choices," he added, as businesses pass on higher costs to consumers. Bank of England Analysts said the latest data could see the Bank of England ease the pace at which it has been cutting interest rates in recent months. "The BoE's next move is far from straightforward," noted Richard Flax, chief investment officer at wealth manager Moneyfarm. "The central bank is likely to remain cautious, potentially delaying rate cuts until there's clearer evidence that inflationary momentum is genuinely easing." The BoE earlier this month cut its key interest rate by a quarter point to 4.25 percent as the threat of US tariffs starts to weigh on economic growth. It followed three reductions spread over the previous eight months.
Int'l Business Times
21-05-2025
- Business
- Int'l Business Times
UK Inflation Hits 15-month High As Utility Bills Soar
Britain's annual inflation rate surged more than expected in April as energy and water bills rose sharply, official data showed on Wednesday. The Consumer Prices Index soared to 3.5 percent last month, up from 2.6 percent in March, the Office for National Statistics said in a statement. Analysts' consensus forecast had been for a jump to 3.3 percent. At 3.5 percent, the headline rate was the highest since the beginning of 2024, the ONS noted. "I am disappointed with these figures because I know cost of living pressures are still weighing down on working people," finance minister Rachel Reeves said in a statement. UK regulators allowed private companies to hike household bills from April, taking into account movements in oil and gas markets and indebted water providers. "Significant increases in household bills caused inflation to climb steeply," ONS acting director general, Grant Fitzner, said in a statement. "Gas and electricity bills rose... compared with sharp falls at the same time last year." He noted that "water and sewerage bills also rose strongly... as did vehicle excise duty, which all pushed the headline rate up to its highest level since the beginning of last year". Energy bills are expected to drop from July, however, following recent heavy falls to oil prices in the wake of US President Donald Trump's tariffs blitz, according to analysts. Businesses were additionally hit in April by a tax hike and rise to the minimum wage, which both took effect last month having been introduced by the Labour government following its July election victory that ended 14 years of Conservative rule. Tory spokesman on the economy, Mel Stride, blamed "Labour's economic mismanagement" for the surge to inflation. "Families are paying the price for the Labour... choices," he added, as businesses pass on higher costs to consumers. Analysts said the latest data could see the Bank of England ease the pace at which it has been cutting interest rates in recent months. "The BoE's next move is far from straightforward," noted Richard Flax, chief investment officer at wealth manager Moneyfarm. "The central bank is likely to remain cautious, potentially delaying rate cuts until there's clearer evidence that inflationary momentum is genuinely easing." The BoE earlier this month cut its key interest rate by a quarter point to 4.25 percent as the threat of US tariffs starts to weigh on economic growth. It followed three reductions spread over the previous eight months.
