Inflation falls as food prices drop

first_imgThe falling cost of food, boosted by a supermarket price war, contributed to a small fall in inflation, statistics revealed yesterday.Inflation measured on the consumer prices index (CPI) fell to 4.8% in November, down from 5% in October, the Office for National Statistics (ONS) said.It said the biggest downward pressure on inflation in November came from food prices, which rose by much less than a year earlier.The ONS said: “Bread and cereals’ prices fell by a near record 1.0% for an October to November period, compared with a near record rise of 1.9% a year ago. Last year, wheat prices increased as global supply problems boosted demand for British wheat and the UK harvest was smaller than expected.”It added that with sugar, jam, syrups, chocolate and confectionery prices fell by 0.7%, a record fall for an October to November period, compared with a record rise of 1.9% between the same two months a year ago.Despite the dip, Chris Williamson, chief economist at Markit, said: “The rate of inflation signals more pain for households in the coming months, as prices for goods and services continue to rise more than twice as fast as incomes.“With consumer spending accounting for around two-thirds of all spending in the UK economy, this will act as a substantial dampener on economic growth, and the combination of weak consumer spending with public sector spending cuts and falling demand for UK exports means there is a strong chance of the UK dipping back into recession as we move into 2012.”last_img read more

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Volcanoes, Pride third day abandoned

first_imgROSEAU, Dominica,(CMC) – Play on the third day was abandoned without a ball being bowled between Windward Islands Volcanoes and Barbados Pride in the Digicel Regional 4-Day Tournament today, due to wet conditions caused by rain.Pride were set to resume from their overnight total of 137 for six, but persistent showers throughout the morning prompted umpires Joel Wilson and Jonathan Blades to abandon play for the day at Windsor Park, shortly following a scheduled 11 a.m. inspection.Only 48.2 overs of play were possible over the first two days of the match in the Dominica capital, as the weather has dealt a blow to the two teams, aiming to either keep up or catch up with the front-runners.Pride entered the match in third place in the standings on 43.2 points and are yet to earn a point in the match. Volcanoes were fifth on 35.2 points and have so far earned three from two bowling points and one full pace-bowling point.last_img read more

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Caribbean real estate summit says market is booming

first_imgAt the first installment of the Caribbean Real Estate and Investment Summit, held on April 5 in the heart of downtown Boca Raton, it was made clear that the Caribbean real estate market is currently at a peak. The summit was held by the robust Boca Raton based real estate brokerage The Agency. The event brought together stakeholders who focus on the Caribbean region, including brokers, developers, investors and attorneys. The success of this first event, the organizers said, was a testament to the enormous interest around real estate in the region. Representatives from several Caribbean countries were present, including from the Dominican Republic, The Bahamas, Turks and Caicos, Saint Lucia and Cayman Islands. Main panel discussion at the conference were “Regional Market Trends” and “Selling the Caribbean”. Topics covered included a marketwide look at regional trends, and the nuts and bolts of purchasing real estate in various Caribbean destinations. Discussions underscored the Caribbean region as a booming market, fueled by citizenship-by-investment fueled development. Citizenship-by-investment enables the acquisition of citizenship via an exceptional economic contribution to a country. Such programs exist in Caribbean countries such as Antigua, St. Kitts, Dominica and Saint Lucia. According to Ian Hurdle, the owner of The Agency offices in Turks and Caicos, “It was great to meet with so many individuals in the industry from across the Caribbean. I think the number of attendees from so many different countries shows that the real estate market is in an incredibly healthy position across the region.”last_img read more

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