UK inflation rate fell to 2% in the year to July thanks to clothes and shoe bargains!

FTSE 100 eased lower as worries over the spread of Delta variant of Covid overshadowed a surprise fall in UK inflation. London’s blue-chip index  dropped 13 to 7,167.

Britain’s Consumer Prices Index fell to 2% in July from 2.5% in the year to June as lower clothing and footwear prices offset higher transport rises said the ONS. Economists still expect inflation to reach 3% by the end of the year.

Chicken restaurant chain Nando’s has had to close 50 outlets and might send staff to help suppliers due to food shortages. The temporary store closures were due to the chain running short of peri peri chicken, the dish it is famous for and were blamed on the lack of lorry drivers and the pingdemic.

Persimmon-PLC (LSE:PSN) expects margins to remain resilient even though it is seeing staff and raw material costs rise. The housebuilder’s profits in the six months to June 2021 rose 64% to £480mln on sales 55% higher at £1.84bn.

Among the small caps, Quantum Blockchain Technologies PLC (AIM:QBT) (AIM:QBT) has assembled a team of 13 experts for a crypto mining research and development project. The goal is to make the process faster while using less energy.

Powerhouse Energy Group PLC (AIM:PHE, FRA:BT81) (LON:PHE) is to work on a second waste plastics-to-hydrogen facility in the UK. The energy firm has partnered with property development giant Peel.

Oriole Resources PLC (LSE:ORR, FRA:S1Y) (LON:ORR) reported further positive results from a drilling programme at Senala joint venture project in Senegal. The miner is figuring out the potential gold resource in the area.


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