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NEWS
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6 ASIAN TRADER 1 NOVEMBER 2024
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Infl ation fell by more than
expected last month, including
key measures watched by the
Bank of England, increasing
bets on an interest rate cut next
month.
The rate of annual consumer
price infl ation dropped to 1.7%
in September from 2.2% in
August, the lowest reading
since April 2021, the Of ce for
National Statistics said.
Sterling fell by half a cent
against the US dollar immedi-
ately after the fi gures were
published.
Core infl ation, which
excludes energy, food, alcohol
and tobacco, dropped to 3.2%
from 3.6% in August.
“Lower airfares and petrol
prices were the biggest driver
for this month’s fall. These
were partially of set by
increases for food and non-al-
coholic drinks, the fi rst time
that food price infl ation has
strengthened since early last
year,” ONS chief economist
Grant Fitzner said.
There were also signs of
weaker infl ation pressure ahead.
Prices charged by factories for
their goods fell by 0.7% in the
year to September, the biggest
fall since October 2020, during
the COVID pandemic.
The infl ation rate was lower
than the 1.9% rise that analysts
forecast and has cemented
expectations that the central
bank would likely cut interest
rates again in November.
“It is absolutely amazing to
see such a dramatic drop in the
UK’s CPI number, and the news
had brought nothing (but) good
things for the Bank of Eng-
land,” said Naeem Aslam, chief
investment of cer at Zaye
Capital Markets.
In August, the BoE reduced
its key rate for the fi rst time
since early 2020, from a 16-year
high of 5.25 per cent as
infl ation returned to normal
levels.
Unclear whether interest rate cuts are on the way
Infl ation hits three-year low,
Infl ation hits three-year low,
but food infl ation strengthens
but food infl ation strengthens
InPost Group has acquired
the remaining 70% stake in
Menzies Distribution
Limited in an all-cash
transaction valued at £60.4
million. The transaction
concerns Express and
Newstrade segments.
The third segment,
MDS, responsible mainly
for full load transport and
warehousing was demerged
from Menzies and is not part
of the transaction. It will
continue to be run by its
existing management team
and InPost will retain a 30%
shareholding.
The acquisition builds on
the strong commercial
growth that InPost has shown
in the UK – tripling its revenue
in the UK market over the last
year – and will allow the
business to fulfi l several
strategic objectives:
This transaction gives
InPost full control over its
UK logistics operations,
allowing the company to
accelerate its plans for
implementation of new
services in the UK
market, including its
next-day B2C parcel
locker service.
It secures InPost’s
position among the leading
parcel locker service
providers in the UK and allows
the combined entity to take
advantage of increasing
consumer preference for
lockers in the UK.
It allows InPost to further
upgrade logistics capabilities
and improve quality KPIs.
InPost takes over Menzies’
Express, Newstrade logistics
NewsTeam shows support
NewsTeam shows support
for NewsTraid
for NewsTraid
Newspaper and magazine delivery
company NewsTeam have raised
more than £1,000 for NewstrAid
during their recent conference in
Paphos, Cyprus.
Involving 60 staf members from
NewsTeam, the conference included
a presentation from NewstrAid CEO,
Neil Jagger and concluded with a
fundraising event and raf e in the
evening which raised more than
£1,000 for the charity’s work.
The event saw three members of
NewsTeam staf sign up as Welfare
Volunteers for NewstrAid.
Anyone interested in becoming a
Welfare Volunteer for NewstrAid
should visit their website for more
information. https://www.newstraid.
org.uk/welfare-volunteers/
Global wine stuck in
Global wine stuck in
a rut: trade body
a rut: trade body
Bad weather means global wine
production this year will remain near a
60-year low according to preliminary
estimates, said the International
Organisation of Vine and Wine (OIV).
“Early indications suggest that
2024 will be another year of relatively
low production, most likely below
250m hectolitres a year,” director
general John Barker said at the
opening of the body’s 45th congress
in Dijon.
Last year some 237m hectolitres
of wine were produced globally, the
lowest amount since 1961, as the
various ef ects of drought, heatwaves
and fl ooding af ected grape harvests.
KP Nuts £100m
KP Nuts £100m
RSV milestone
RSV milestone
KP Nuts has achieved a major new
milestone, reaching £100m RSV.
At more than four times the size
of the nearest branded competitor,
KP continues to drive category
growth, delivering a versatile range
of tasty fl avours in a variety of
formats that cater to all occasions
and tastes.
The past year has been one of
KP’s most successful. The KP core
range, renowned for its quality and
delicious fl avours, continued to
perform strongly, with the iconic
Original Salted Peanuts variant
gaining a Great Taste Award.
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