UK overall inflation remains at 3.8% in August, but food price growth climbs for fifth month in a row - business live

The Guardian
The Guardian
3M ago
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UK inflation remains at 3.8% in August, while food prices rise significantly, marking the fastest growth since January 2024.
UK overall inflation remains at 3.8% in August, but food price growth climbs for fifth month in a row - business live
A What happened
In August, UK inflation remained unchanged at 3.8%, but food prices saw a notable increase, the fastest since January 2024. Key contributors to this rise included vegetables, milk, cheese, and fish. Meanwhile, the US Federal Reserve is anticipated to announce a rate cut. In corporate news, AstraZeneca faced setbacks with its COPD drug Fasenra, while also reporting positive results for its lupus treatment Saphnelo. Manchester United revealed record revenues of £666.5 million but still incurred a loss of £33 million. Additionally, UK water regulators have implemented new standards for company directors to enhance accountability. Temu, a Chinese online marketplace, reported a significant increase in revenues and profits in the UK, despite widening operational losses.
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Key insights

  • 1

    Food Price Surge: Food prices in the UK are rising at their fastest rate since January 2024.

  • 2

    AstraZeneca Drug Trials: AstraZeneca reported mixed results in its COPD drug trials.

  • 3

    Manchester United's Financials: Manchester United announced record revenues but still faced a financial loss.

  • 4

    New Water Regulations: UK water regulators have introduced stricter standards for company directors.

Takeaways

The UK faces ongoing economic challenges as inflation remains steady while food prices rise significantly.

Topics

Business & Markets Markets Economy Startups/VC