INFLATION

Australian supermarkets will reap bigger profits in fiscal 2023 half-year due to decades-high inflation and increased savings, but analysts warned of a rough second-half as households reel from mounting expenses due to higher cost of living.

Britain's Conservative government of Prime Minister Rishi Sunak is temporarily subsidising electricity and gas bills this winter.

Swiss food giant Nestle said on Thursday sales rose last year but inflation nibbled at its margins, while net profits plunged due to asset disposals in 2021.

Research from Metapack, ShipStation and Retail Economics reveals consumers tend to pay more for less, with inflation adding £18.2 billion to UK non-food sales, regardless of the decline in volumes by 4.9%.

That's still a high level of inflation, but the pound's retreat reflected a shift for the foreign exchange market.

This Valentine's Day is set to look different after a year of record food inflation that has sent up prices of everything from flowers to chocolates and dining in restaurants.

A look at the day ahead in Asian markets from Jamie McGeever.

Shoppers around the world will pay even more for groceries this year than they did in 2022, according to retailers, consumer goods firms and investors, unless commodity costs decline or the shift to cheaper store-brand products accelerates.

Amazon.com Inc on Thursday said its operating profit could fall to zero in the current quarter as savings from layoffs do not make up for the financial impact of consumers and cloud customers clamping down on spending.

UK public libraries are government-funded via local councils but have suffered from large budget cuts in recent years.

Stock markets seesawed Friday as data showed a key US inflation indicator easing in December, opening the door for the Federal Reserve to slow its rate-hike campaign.

Spain's economy grew faster than expected in 2022 as strong domestic consumption and a surge in investement offset worries over high inflation, officials figures showed Friday.

Visa Inc's revenue growth continued to wind back to pre-pandemic levels in the first quarter as the post-lockdown travel craze ebbed and consumer spending slowed in a tough economy.

The National Education Union declared seven days of walkouts in February and March after nine out of 10 union teacher members voted for strike action.

British private-sector economic activity fell at its fastest rate in two years in January, a survey showed on Tuesday, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown.

Britain's government borrowed more last month than in any December since monthly records began 30 years ago, reflecting the huge cost of energy support and soaring debt interest linked to rising inflation.

The Bank of England must decide next week how much higher it will raise borrowing costs as it tries to bear down on Britain's double-digit inflation rate without adding too much stress to an economy already close to recession.

Nordstrom Inc slashed its annual profit forecast after heavy discounting failed to sway people shopping at its off-price Rack stores, leading to weak holiday sales and pushing its shares down 6% in after-hours trading on Thursday.

British consumer sentiment fell for the first time in three months in January, returning near to historic lows as concerns about the economy and the soaring cost of living tightened the squeeze on household finances, research showed on Friday.

Europeans have dialled down their heating this winter, apparently heeding government calls to conserve energy amid the Ukraine crisis, with some delaying switching it on by almost a month and setting the temperature lower, data shows.

Pay awards by British employers held at 5% for the second month in a row in December, well below annual inflation of close to 11%, data from human resources company XpertHR showed on Wednesday.