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The UK inflation rate hits 2.5%, the highest for nearly three years

FTSE 100 edged lower after some iffy inflation data and growing worries over the spread of Covid-19 infections.  

UK inflation hit 2.5% in the year to June, the highest for nearly three years, as reopening the economy sent food and fuel costs higher. Eating and drinking out also pushed up the number as hospitality businesses try to claw back  some of their losses.

Just two weeks after being put on the green list, reports today suggested travel restrictions might be raised again for Majorca, Ibiza and the other Balearic islands due to rising Covid-19 cases. If accurate, it would be another heavy blow to airlines that have clamoured for tourist hotspots to open up.

Dunelm Group PLC (LON:DNLM) saw its shares slip despite the retailer saying full-year profit would be slightly ahead of analysts’ forecasts. The homewares retailer said total sales in the 13 weeks to 26 June were up 101.7% year-on-year.

Among the small caps, Kromek Group PLC (LON:KMK) is on course for record revenues after new contracts and repeat orders roll in across all of its target segments.  The detection specialist today said it had won more work in radiation and medical imaging.

Symphony Environmental Technologies PLC (LON:SYM) has received approval from the US Food & Drug Administration (FDA) for its antimicrobial food contact technology to be used more widely than the original bread-packaging label. As a result, the company expects an “acceleration of the commercial process in the near term”.

88 Energy Ltd (LON:88E) told investors further geochemical analysis of core samples from the Merlin-1 well in Alaska has again shown the presence of hydrocarbons. Results of analysis of Phase Two of side-wall core trim analysis are expected in the next few weeks, it added.

Quick facts: Dunelm Group PLC

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Price: 1468 GBX

Market Cap: £2.98 billion

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