Grocery inflation surges to 13-year high

Ggood morning.

Bosses have warned continued strikes will cause “incredible” damage to the UK in both the short and the long term.

Businesses are braced for disruption as the biggest walkout on Britain’s railways kicks off today.

The Center for Economics and Business Research have warned that the three strikes taking place today, on Thursday and on Saturday will have a fallout worth at least £91m to the UK economy.

There’s also expected to be disruption on the days in-between, while industry leaders have warned of further economic damage as workers opt to stay at home.

5 things to start your day

1) German firms pay the price for Russian energy reliance as distress soars Berlin’s companies are at greatest risk of default compared with European counterparts

two) Online sales tax would cost families £175 extra a year, Sunak told The proposed levy would be passed straight on to shoppers, according to think tanks

3) Ocado hit with ratings downgrade as it raises £575m for international push Grocer taps market despite signs of inflation slowing the online retail revolution

4) Winter blackout fears spark dash for coal across Europe Netherlands, UK and Germany scramble to stock up on dirtiest fossil fuel

5) How the labor squeeze is changing the food we eat A lack of seasonal workers is putting pressure on farmers and altering what is on offer in supermarkets

what happened overnight

Hong Kong stocks opened slightly higher on Tuesday morning, with the Hang Seng Index rising 0.5pc.

The Shanghai Composite Index dropped 0.05pc, while the Shenzhen Composite Index on China’s second exchange was flat.

Tokyo shares similarly opened higher. The benchmark Nikkei 225 index inches up 1pc.

coming up today

  • Company: D. S. Smith, Monks Investment Trust, Telecom Plus (full-year results); safe store (interim)
  • Economics: Existing home sales (US)

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