Wednesday newspaper round-up: Food price inflation, London Underground, Wise

by | Aug 31, 2022

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The rapidly rising price of food including milk, margarine and crisps pushed August shop price inflation to the highest levels since 2008 as the war in Ukraine raised costs for farmers. Prices in shops rose by 5.1%, a big increase from 4.4% in July, as food producers passed on increases in the cost of fertiliser, wheat and vegetable oils, large amounts of which are produced in Ukraine and Russia, according to data from the British Retail Consortium (BRC) and market research firm NielsenIQ. – Guardian
Russia halted gas supplies via a major pipeline to Europe on Wednesday, citing a need for maintenance on its only remaining compressor. The outage on Nord Stream 1 meant no gas would flow to Germany until 3 September, said Gazprom, the Russian state energy company. The Nord Stream 1 operator’s website showed zero flow in the pipeline. – Guardian

A £1.2bn taxpayer bailout for London’s transport network announced on Tuesday is not good enough to prevent fresh Tube strikes and more misery for commuters, Sadiq Khan has warned. Mr Khan, the capital’s mayor, said that millions of commuters will suffer fare rises, service cuts and further industrial action despite an agreement between Transport for London (TfL) and ministers on a rescue deal to keep the service afloat until 2024. – Telegraph

Households are at risk of being overcharged by £1.5bn in a plan to maintain the nation’s electricity network, the industry regulator has been warned. Customers will pay more than is needed to maintain electricity pylons and cables under a funding formula put forward by Ofgem, according to evidence submitted by Citizens Advice. – Telegraph


A subsidiary of Wise, the listed money transfer business, has been fined $360,000 for breaching anti-money laundering rules. The financial services regulatory authority of Abu Dhabi Global Market, the freezone financial centre in the United Arab Emirates’s capital, found that Wise “did not establish and maintain adequate systems and controls to ensure full compliance” with anti-money laundering requirements. – The Times

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