Latest news with #cost of living
RNZ News
21 hours ago
- Business
- RNZ News
Fonterra says meeting with Nicola Willis 'constructive'
Fonterra chief executive Miles Hurrell . Photo: Fonterra says its meeting with the Finance Minister was "constructive", following a discussion about butter prices. But the substance of the discussions is still to be revealed. Nicola Willis had alerted Fonterra, as a courtesy, that she planned to speak about the price of butter in one of their regular meetings. Willis had earlier said the conversation would look at what goes into the cost, and whether supermarkets are to blame , pointing out Australia seems to have cheaper butter than New Zealand. She said Fonterra was transparent about how it determined milk prices, but it was less clear to her how that then translated to butter. "What we're talking about here is at the margin - 10 or 20 cents - but 10 or 20 cents really matters when you're a Kiwi family at the supermarket checkout." The meeting happened at Parliament on Tuesday evening. Willis' office declined to comment on the outcome. Fonterra's chief executive Miles Hurrell also would not comment on the meeting when RNZ approached him outside Parliament. But a Fonterra spokesperson said Hurrell "had a constructive meeting with the Finance Minister" and he would talk to media later in the week. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
The Independent
a day ago
- Business
- The Independent
Surging price of grocery shopping revealed amid cost of living crisis
UK grocery prices have surged at their fastest rate in 18 months, sparking fresh concerns among consumers grappling with the escalating cost of living. New data from market research firm Worldpanel by Numerator, formerly Kantar, reveals that grocery price inflation accelerated to 5.2 per cent in the four weeks leading up to 13 July. This marks a notable jump from 4.7 per cent just a month prior and represents the highest level recorded since January 2024. Projections indicate that these rising costs are set to add an average of £275 to shoppers' annual grocery spending. Fraser McKevitt, head of retail and consumer insight at Worldpanel, highlighted the widespread concern among households. He stated: "Just under two-thirds of households say they are very concerned about the cost of their grocery shopping, and people are adapting their habits to avoid the full impact of price rises. "Own label products, which are often cheaper, continue to be some of the big winners and, in fact, sales of these ranges are again outpacing brands, growing by 5.6 per cent versus 4.9 per cent.' He added that shopping data also showed that consumers have been cooking simpler meals in recent months as part of efforts to stick to budgets. The price increases come amid a backdrop of commodity price pressures and higher costs for retailers, after recent increases in National Insurance contributions and the national minimum wage. Worldpanel data also showed that overall consumer spending across UK grocers rose by 4.6 per cent over the 12 weeks to July 13. Online retail specialist Ocado saw the fastest rise in sales over the period, with 11.7 per cent. It was closely followed by German discount chain Lidl, which saw sales rise 11.1 per cent, to take its share of the UK grocery market to 8.3 per cent, moving it close to the size of rival Morrisons. Elsewhere, the UK's largest supermarket chain Tesco increased its share of the market further after growing sales by 7.1 per cent. Asda and the Co-op were among the weaker performers, with sales declines of 3 per cent and 3.7 per cent respectively over the quarter.
CTV News
a day ago
- Business
- CTV News
Average Canadian family spent 42.3 per cent of income on taxes in 2024: study
A family making breakfast is seen in this stock photo. (Pexels) The average Canadian family spent 42.3 per cent on income taxes in 2024, according to a new study published by the Fraser Institute. The tax bill, which includes visible and hidden taxes, totals more than the 35.5 per cent for housing, food and clothing combined. 'At a time when the cost of living is top of mind across the country, taxes remain the largest household expense for Canadian families,' said Jake Fuss, director of fiscal studies at the Fraser Institute. 'While Canadians can decide for themselves whether or not they get good value for their tax dollars, they should understand how much they pay in taxes each year.' The average Canadian family, which the Fraser Institute says has an income of $114,289, paid $48,306 in total taxes to the federal, provincial, and local governments – including income taxes, payroll taxes and sales taxes. 'Taxes have grown much more rapidly than any other single expenditure for the average family,' according to a news release from the Fraser Institute. The study points out that the average Canadian Family only spent 33.5 per cent of their income on taxes in 1961, with 56.5 per cent going to basic necessities. The Fraser Institute says the average Canadian family's total tax bill has 'increased nominally' by 2,784 per cent since 1961. Comparatively, housing increased by 2,129 per cent, food by 927 per cent and clothing by 460 per cent.
Yahoo
a day ago
- Business
- Yahoo
Grocery inflation soars to 18-month high as pressure grows on UK shoppers
UK grocery prices have increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living, according to new figures. Grocery price inflation accelerated to 5.2% in the four weeks to July 13, according to market research firm Worldpanel by Numerator, which was recently renamed from Kantar. It represented a rise from inflation of 4.7% a month earlier and marked the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending. Fraser McKevitt, head of retail and consumer insight at Worldpanel, said: 'Just under two thirds of households say they are very concerned about the cost of their grocery shopping, and people are adapting their habits to avoid the full impact of price rises. 'Own label products, which are often cheaper, continue to be some of the big winners and, in fact, sales of these ranges are again outpacing brands, growing by 5.6% versus 4.9%.' He added that shopping data also showed that consumers have been cooking simpler meals in recent months as part of efforts to stick to budgets. The price increases come amid a backdrop of commodity price pressures and higher costs for retailers, after recent increases in National Insurance contributions and the national minimum wage. Worldpanel data also showed that overall consumer spending across UK grocers rose by 4.6% over the 12 weeks to July 13. Online retail specialist Ocado saw the fastest rise in sales over the period, with 11.7%. It was closely followed by German discount chain Lidl, which saw sales rise 11.1%, to take its share of the UK grocery market to 8.3%, moving it close to the size of rival Morrisons. Elsewhere, the UK's largest supermarket chain Tesco increased its share of the market further after growing sales by 7.1%. Asda and the Co-op were among the weaker performers, with sales declines of 3% and 3.7% respectively over the quarter.
The Independent
a day ago
- Business
- The Independent
Grocery inflation soars to 18-month high as pressure grows on UK shoppers
UK grocery prices have increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living, according to new figures. Grocery price inflation accelerated to 5.2% in the four weeks to July 13, according to market research firm Worldpanel by Numerator, which was recently renamed from Kantar. It represented a rise from inflation of 4.7% a month earlier and marked the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending. Fraser McKevitt, head of retail and consumer insight at Worldpanel, said: 'Just under two thirds of households say they are very concerned about the cost of their grocery shopping, and people are adapting their habits to avoid the full impact of price rises. 'Own label products, which are often cheaper, continue to be some of the big winners and, in fact, sales of these ranges are again outpacing brands, growing by 5.6% versus 4.9%.' He added that shopping data also showed that consumers have been cooking simpler meals in recent months as part of efforts to stick to budgets. The price increases come amid a backdrop of commodity price pressures and higher costs for retailers, after recent increases in National Insurance contributions and the national minimum wage. Worldpanel data also showed that overall consumer spending across UK grocers rose by 4.6% over the 12 weeks to July 13. Online retail specialist Ocado saw the fastest rise in sales over the period, with 11.7%. It was closely followed by German discount chain Lidl, which saw sales rise 11.1%, to take its share of the UK grocery market to 8.3%, moving it close to the size of rival Morrisons. Elsewhere, the UK's largest supermarket chain Tesco increased its share of the market further after growing sales by 7.1%. Asda and the Co-op were among the weaker performers, with sales declines of 3% and 3.7% respectively over the quarter.
