END OF BUSINESS: FTSE 100 Posts Modest Profit; BofE appoints new chief economist; House prices rise 11%; BRC warns of rising food prices
- FTSE 100 cut gains but still closed 30.14 points at 7149.84
- FTSE 250 rose 0.6% to 24,250 after hitting 24,290. had reached another intraday record high
- The average cost of a home rose nearly £ 5,000 in a month, Nationwide said
- Concerns about the prospect of higher food prices are growing, BRC warned
- New E10 petrol is now available at gas stations across the country
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The FTSE 100 held onto some previous gains while the FTSE 250 closed higher after hitting another intraday record high.
House price growth made a “surprise” rebound in August as the averages rose nearly £ 5,000 in one month, according to Nationwide.
The average house price across the UK in August was £ 248,857, 11 percent higher than a year earlier.
The average house price in August was £ 4,628 higher than in July when it was £ 244,229.
Meanwhile, grocery retailers are struggling to keep their prices low but are coming under pressure from “rising raw material and shipping costs and bureaucracy related to Brexit,” experts from the British Retail Consortium said today.
The shortage of truck drivers has created an additional problem with a shortage of 90,000 drivers, she added.
According to the new numbers from the BRC, shoppers saw the decline in store prices slow last month, increasing the inflation outlook.
A new type of gasoline is being introduced to petrol stations across the UK starting today.
E10 gasoline, made with up to 10 percent bioethanol – a renewable fuel – will be the standard offering at gas stations as part of government plans to reduce CO2 emissions.