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Rolling coverage of the latest economic and financial news, as Beijing escalates its inquiry into Nvidia over takeover of Mellanox

Today’s warnings about higher food prices coming in the UK are likely to cause fresh worries about how long borrowers will have to wait until Bank of England policymakers vote for another cut, reports Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Streeter adds:

They are set to leave the base rate unchanged on Thursday and aren’t expected to make a move until next Spring.

The Food and Drink Federation is forecasting food inflation could reach 5.7% by the end of December and still be running at 3.1% by the end of 2026. Higher employer and packaging taxes are being blamed for increasing costs for companies, which they can no longer absorb.

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