LONDON: After a quiet day for economic news on Monday, investors have had more to get their teeth into today. The UK inflation data defied forecasts, with the consumer price index remaining steady at 2.6% in July, compared to expectations of an increase to 2.7%. Falling motor fuel prices were offset by higher prices for clothes, utilities and food. But the retail price index came in at 3.6%, higher than the forecast 3.5%. That means a hefty price rise is on the cards for rail travellers. The lower than expected CPI figure led most analysts to suggest a UK interest rate rise was not imminent, which helped send the pound lower. Elsewhere Germany’s economy grew by 0.6% in the second quarter, but this was slightly below expectations. And US retail sales were stronger than expected in July, rising 0.6% compared to forecasts of an increase of around 0.4%. On that note, it’s time to close for the day. Thanks for all your comments, and we’ll be back tomorrow.
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