Food inflation has hit a new record at 12.4 per cent amid a forecast of dampened Christmas cheer and an “increasingly bleak” winter.
Setting a record for the British Retail Consortium, whose tracking began in 2005, shop prices are up from 6.6 per cent in October and are now 7.4 per cent higher than last November.
But food inflation accelerated considerably further from October’s 11.6 per cent – which was also the highest rate on record — as soaring energy, animal feed and transport costs forced up prices.
The BRC-Nielsen IQ Shop Price Index shows fresh food inflation rose even higher to 14.3 per cent, up from 13.3 per cent last month, driven particularly by the cost of meat, eggs and dairy.
Coffee prices “shot up” as high input costs filtered through to prices, while Christmas gifts are also set to become more expensive than in previous years.
There are particularly steep increases in sports and recreation equipment, the BRC said.
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“Winter looks increasingly bleak as pressures on prices continue unabated," said BRC chief executive Helen Dickinson.
“While there are signs that cost pressures and price rises might start to ease in 2023, Christmas cheer will be dampened this year as households cut back on seasonal spending in order to prioritise the essentials.”
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Mike Watkins, head of retailer and business insight at NielsenIQ, said: “With prices still rising, the cost of Christmas will be higher this year and shoppers will be managing their budgets more closely than at any time since the start of the cost-of-living crisis.
“Retailers are now responding by offering seasonal savings and price cuts, and will be hopeful of an uptick in shopper spend as we move into December.”
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Started: March 2018
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When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
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