UK petrol prices near record; inflation dips; bitcoin hits new high – as it happened | Business

Time to wrap up…

UK inflation has dipped, but the respite could be temporary. Consumer prices rose by 3.1% in the year to September, down from a nine-year high of 3.2% in August.

But the drop was due to last summer’s discount meal offer, Eat Out to Help Out, dropping out of the calculations. Economists predict inflation will keep rising, and could be over 4% by early next year.

Transport costs pushed up the cost of living, with petrol and second-hand car prices having risen sharply since pandemic restrictions eased.

The inflation data will be used to set UK pensions next year. They should rise by 3.1%, but would have jumped by 8%, in line with wages, if the government hadn’t suspended the triple-lock.

Age UK said it is “imperative” to revert back to the triple-lock to tackle pensioner poverty.

House prices inflation also accelerated, with prices up over 10% in the last year.

Petrol retailers warned that prices at the pump will hit new record highs by the end of October – blaming the surge in oil prices.

But motoring organisations accused forecourts of pumping up prices.

Rising petrochemical prices are also pushing up the cost of paint.

Dutch paints and coatings maker AkzoNobel warned this morning that “significant raw material cost inflation and supply constraints” are expected to continue until the middle of next year.

Bitcoin has hit a new record high, scaling April’s peak to climb over $65,000 for the first time. The move followed the launch of the first Bitcoin ETF, which makes it easier to invest in the crypto currency.

But the UK’s financial watchdog warned that young investors were being lured into high-risk products such as cryptocurrencies and foreign exchange trading by social media hype and the gambling-like thrill of competing to get rich quick.

In another intriguing development, short-seller Hindenburg Research launched a $1m “bounty” programme for information on Tether, the company at the centre of the global cryptocurrency market.

Shares in Pinterest have surged, after Bloomberg reported the PayPal was exploring acquiring the popular digital pinboard site.

Elon Musk, the world’s richest person, with an estimated $241bn fortune, could become the first trillionaire, Morgan Stanley predicted.

Facebook has been fined £50.5m for breaching an order imposed by the UK competition regulator during its investigation into the purchase of the gif creation website Giphy.

Rishi Sunak is preparing to announce a tax cut for Britain’s biggest banks at next week’s budget to maintain the competitiveness of the City of London after Brexit, according to reports, despite plans to raise taxes on workers.

MPs have warned that UK public sector pension schemes could deepen divisions in society unless they use their billions of pounds of investment to cushion communities pivoting away from carbon-intensive industries such as steel and carmaking.

Five of the UK’s leading manufacturing industries have called for more government financial support to boost capital investment in research and development as well as new factories and equipment with lower carbon emissions.

Burberry has appointed Jonathan Akeroyd as its next chief executive in a deal including a £6m “golden hello” to cover the loss of bonus and share awards for leaving his position as boss of rival Versace.

Deliveroo enjoyed a 59% increase in orders in the UK and Ireland between July and September despite the return of dine-in restaurant eating, as a partnership with Amazon more than doubled members of its premium subscription service.

The scourge of scam texts and calls has been laid bare by UK telecoms regulator research showing almost 45 million people received at least one in the last three months, while mobile network EE had to block 18,000 sim cards used for the fraud over that period.

Goodnight. GW