Rolling coverage of the latest economic and financial news UK inflation falls sharply to 3.2% amid slowdown in food price rises UK electricals retailer Currys has more than doubled its profits in the first half of the year, despite rising costs in the UK. Currys, which sells computers and gaming products, and white goods such as televisions, fridges, washing machines and tumble driers, reported a 144% rise in adjusted pre-tax profits to £22m. In the Nordics, being the clear leader in an improving market, combined with strong execution, has driven another notable step forward in profits. It’s pleasing that strong top-line growth is translating into improved profitability. In the UK&I, the consumer environment is more muted, and cost headwinds are unhelpful. Still, we’re the growing market leader, gaining share, and our margin and cost discipline is going a long way to mitigate headwinds and protect profits. In all markets, our big growth initiatives are paying off, our omnichannel model continues to win, and our growing services and solutions are great for customers and valuable to us. “Although 3.2% is still way above the Bank of England’s target, it is expected to be the final piece in the puzzle which will enable rate setters to deliver their own festive gift to borrowers with an interest rate cut on Thursday. There are still massive question marks about what 2026 will bring and markets don’t expect the Bank of England to cut interest rates more than once or twice over the next year, so borrowers hoping to see a return to the ultra-low levels many people had become used to will have to adapt.” Continue reading...