UK food prices soar by record 10.6% as Russia-Ukraine war pushes up costs

Food prices in the UK have soared by a record 10.6% this month, as the war in Ukraine continues to drive the cost of staples such as margarine, pasta and tinned tomatoes to new highs.

Overall, shoppers faced 5.7% inflation in September, up from 5.1% in August, the highest monthly rate since the British Retail Consortium-NielsenIQ index began in 2005.

Inflation in food prices this month has climbed past the 9.3% reported in August, fuelled by the war in Ukraine, which is continuing to push up the price of animal feed, fertiliser and vegetable oil, with a knock-on effect on products such as margarine.

Fresh food products cost a record 12.1% more than last year, up from 10.5% in August, the highest rate for the category on record.

Inflation for some staples such as pasta and tinned tomatoes, has reached a record 8.6%, up from 7.8% a month previously, the … Read more

Pivot Payables, Inc.: Pivoting Towards Success

Technology is a great pivot. Companies employ different technologies to adapt and change directions, accelerating their progress. Such is the service that Pivot Payables Inc. also offers its customers. Pivot helps its clients automate their financial systems, improve critical business processes, and delivers applications that increase the value of customer investments.

Co-founded by John Toman, he functions as the company’s Chief Product Officer today. John has been driving Pivot Payables’ product strategy and creating foundational SAP programs that are the company’s stronghold in the market presently.

Insights Success reached out to John to talk about the goals and philosophy of Pivot Payables, the competitive services that the company offers, how they are adapting to a changing market, and what’s next.

 Below are the highlights of the interview:

What was the initial idea behind the inception of Pivot Payables?

It was late 2013 when Pivot Payables was inspired by the … Read more

Dow Futures Rebound into Green

Futures tied to the Dow Jones Industrial Average rebounded into positive territory Wednesday following the Bank of England’s bond-buying plan to stabilize the falling British pound.

Futures for the 30-stock index recaptured 65 points, or 0.2%, early Wednesday to 29,268.

Futures for the S&P 500 eked up three points, or 0.1%, to 3,664.

Futures for the NASDAQ Composite Index lost 40.25 points, or 0.4%. at 11,293.50.

Shares of Apple were down nearly 4% in pre-market trading after a Bloomberg report, citing people familiar with the matter, said the tech company is ditching plans to increase new iPhone production after demand fell short of expectations.

Biogen soared 45.6% in pre-market trading after Biogen and Japanese partner Eisai said their experimental Alzheimer’s drug dramatically slowed the disease’s progression in a study, reducing cognitive and functional decline by 27%.

Thor Industries gained 3.6% in the pre-market after the recreational vehicle maker reported better-than-expected … Read more

House prices could drop by upto 15% as loan rates rise sharply

Mortgage providers have begun raising interest rates to levels not seen since the financial crisis as economists warned that growing borrowing costs would trigger a steep fall in house prices.

HSBC and Santander suspended new mortgage deals yesterday. Nationwide became the first big lender to increase fixed-rate deals, with its two-year rate rising to 5.59 per cent. Three months ago it offered a comparable mortgage at 2.54 per cent.

The increase is equivalent to a family with a £500,000 mortgage spending an extra £881 a month on repayments.

Other lenders are expected to follow suit amid predictions that the Bank of England could raise the base rate as high as 6 per cent next year. Mortgage brokers said some higher loan-to-value deals could be pulled entirely because of concerns about affordability and the stability of the property market.

Huw Pill, chief economist at the Bank of England, said there would … Read more