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UK inflation jumps to record in August due to jump in food and drink prices

FTSE 100 edged lower as investors digested the government’s plans for dealing with a rise in coronavirus infections and the record hike in inflation last month. London’s blue chip index was down 3 points in early trades at 7,031.

UK annual inflation surged to 3.2% in August, the biggest increase since records began in 1997. Rising food prices sparked the rise from 2% in July said the ONS, but pointed out schemes such as Eat Out to Help out a year ago distorted the figures.

Countryside Properties (LSE:CSP) is scrapping ground lease clauses that potentially could have seen the cost double. Removing the clause will cost an additional £5mln on top of £10mln already provided said the housebuilder.

Cybersecurity giant Darktrace PLC (LSE:DARK) (LSE:DARK) has raised its sales forecasts for the current financial year as hacking attacks continue to rise. The group now expects revenues to grow by 35-37% compared to 29-32% previously

Keywords Studios PLC (AIM:KWS, FRA:KS3, OTC:KYYWF) (LON:KWS) also reported strong revenue growth for the first half of 2021. The services provider to the videogame industry has been buoyed by strong demand during the pandemic.

Among the small caps, MGC Pharmaceuticals has received EU approval for sale of ArtemiC. It’s a nutraceutical supplement designed to boost the immune system.

W Resources PLC (AIM:WRES) (AIM:WRES) expects its La Parrilla tungsten mine in Spain to hit its full-year output target for concentrate. Production increased in August and is predicted to keep growing.

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