Food price inflation, costs, trading, tariffs & other:

A DAY IN THE LIFE:

Social media algorithms are a bit of a nuisance because, though some of the subtle ones could be so subtle that you don’t even know you’ve been got at, others are about as nuanced as a kick in the teeth.

I mean if you follow the BBC, The Guardian and The New Statesman, you might receive notifications from some right-wing nutcases goading readers into entering a flame war and, if your bag is GB News, The Express and the like, you might be peppered with notifications intended to light a fire under your differently-shaped hat.

Which is all commercial, I suppose.

After all, action is traction and engagement means payment and all that but, somehow, the thought of some geek, or worse still some self-recreating AI algorithm coming up with more of the same, designed to give me heartburn over my cornflakes, doesn’t sit well.

Not that Silicon Valley cares much what I think but I must re-read Jaron Lanier’s Ten Arguments for Deleting Your Social Media Accounts.

Still, it’s the weekend and the sun is about to shine so let’s move on to the news:

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PUBS & RESTAURANTS:

Food price inflation:

Kantar has reported that grocery price inflation rose to 4.1% in the year to the four weeks to 18 May, its highest level since February 2024. Inflation was running at 3.8% in its last measure, a month earlier….

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Business confidence:

Despite the CBI reporting that it had fallen, Lloyds Bank’s latest business barometer has reported that business confidence in the UK rose to a nine-month high in May. As the CBI’s measure was for a three month period, the two comments are not necessarily inconsistent if, as Lloyds suggests, part of the rise has been due to a pull-back by the Trump administration from its highest levels of threatened tariffs…

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The price of a pint:

The MA Pint Price Survey reports that the average price of a pint of draught beer in British pubs is up 9p on the start of the year. The average price is now £5.17 having ‘crashed through the £5 ceiling to reach £5.08’ in January….

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Global alcohol market:

ISWR reports that the global alcoholic drinks sector should grow in revenue terms by US$16 billion in the next five years and by US$34 billion over the next ten…

COMPANY NEWS:

Domino’s franchisee Monte Laguna has reported full year numbers to 31 August 2024 to Companies’ House saying that revenue rose from £14.9m to £15.6m. Administrative expenses were successfully reduced and interest receivable rose such that PBT swung from a loss in FY23 of £172k to a profit of £262k in the year to August 2024…

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Haribo is reported to be recalling packets of sweets in the Netherlands after some were found to contain traces of cannabis.

HOLIDAYS & LEISURE TRAVEL:

Travel Trade Gazette reports that Jetline Travel collapsed owing creditors some £4.7m. Creditors are unlikely to be reimbursed….

The Swiss competition authority has announced that it intends to spend four months investigating the likely implications of the proposed purchase of Hotelplan by Kuoni parent Dertour. The authority, COMCO, reports that its ‘one-month preliminary review of this merger revealed indications of a dominant market position…’

An investigation commissioned by Heathrow has concluded that it responded well to the power outage in March that forced it to close down for 18 hours….

OTHER LEISURE:

Elon Musk has confirmed that he is to leave the White House in order to focus on his business interests.

FINANCE & MARKETS:

Trump tariffs. The court ruling holding that President Trump’s tariffs were illegal has called into question whether any of the so-called ‘reciprocal’ tariffs will ever come into force. The Trump administration has said that the ‘Trump tariff agenda is well’ and it will be imposed one way or another….

Shortly before Thursday’s tariff reprieve from the appeals court, White House spokesperson Karoline Leavitt told a press briefing: “America cannot function if President Trump, or any other president, for that matter, has their sensitive diplomatic or trade negotiations railroaded by activist judges.”

Trade with the EU. The ICAEW has analysed trade in calendar 2024 saying that the UK imports goods and services from the EU worth £454bn at current market prices in 2024, and exports goods and services to EU countries worth £361bn. The above represents 50% of the UK’s total exports and 41% of its total exports. This is equivalent to 16% (imports) and 13% (exports) of estimated GDP in 2024….

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Governor of the Bank of England Andrew Bailey has said the UK government to continue to deepen ties with the EU in order to “minimise negative effects” of Brexit on trade….

Sterling lower at $1.3471 and €1.1874. Oil lower at $63.95. UK 10 year gilt yield down 7 basis points at 4.65%. Markets broadly lower yesterday and into the Far East this morning but London looking to open around 26 points higher as at 6.30am.

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