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What is the UK inflation rate and why is the cost of living rising?To come up with an inflation figure, the Office for N...
09/01/2023

What is the UK inflation rate and why is the cost of living rising?

To come up with an inflation figure, the Office for National Statistics (ONS) keeps track of the prices of hundreds of everyday items in an imaginary "basket of goods".

The basket is constantly updated. Tinned beans and sports bras were added in 2022.

Each month's inflation figure shows how much these prices have risen since the same date last year. You can calculate inflation in various ways, but the main measure is the Consumer Prices Index (CPI).

The latest figure for CPI was 10.7% in November, down from 11.1% in October.

The soaring cost of energy is a key factor.

Oil and gas were in greater demand as life got back to normal after Covid. At the same time, the war in Ukraine meant less was available from Russia, putting further pressure on prices.

The war has also reduced the amount of grain available, pushing up food prices.

Annual food inflation hit 16.5% in November, the ONS said, the highest rate for 45 years.

Separate figures from the British Retail Consortium (BRC) said fresh food inflation hit 15% in December, up from 14.3% in November.

Rolls-Royce tests a jet engine running on hydrogenThe company believes that hydrogen power offers the best route to redu...
09/01/2023

Rolls-Royce tests a jet engine running on hydrogen

The company believes that hydrogen power offers the best route to reducing emissions from short haul aviation.

"We started a few years ago looking at what might power the aircraft of the future," explains David Morgan, easyJet's chief operating officer.

"We looked at battery technology, and it was quite clear that the battery technology was probably not going to do it for the large commercial aircraft that we fly.

"We've come to the conclusion that hydrogen is a very exciting proposition for us."

The advantage of hydrogen over batteries is that it provides much more power per kilogram. Batteries are simply too heavy to power larger planes.

Yet hydrogen aviation remains a very long way off. The tests carried out so far have simply shown that a jet engine using hydrogen can be started up and run at low speed.

How small businesses survive global market shocks"A lot of small businesses, their margins are quite small when they're ...
09/01/2023

How small businesses survive global market shocks

"A lot of small businesses, their margins are quite small when they're trying to get their businesses out there," Ms Headley says. "So I knew from the outset that I could never compete with the High Street [on price] because we just haven't got the resources to be able to do that."

From its inception, Mokkah has been a lean, bootstrapped company. Using Crowdfunder, the fundraising platform, Ms Headley raised £13,000 in June 2020, to launch the firm.

Thanks to advice from her business mentor, Ms Headley prices her products high enough to protect against unexpected increased costs.

"Luckily for me, who is new to business, I was able to put some measures in place so my selling rate for the UK would work out OK, even with this increased conversion," Ms Headley says.

"It would still allow me the space to be able to be like, 'this is what I could plug back in to get another pair of shoes, or another sample made'."

While the pound has stabilised since September, it is still historically low against the US dollar.

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