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British Annual Inflation Slides To 2.4%
United Kingdom (UK) annual inflation rate slid more than expected in September on falling food prices, data showed Wednesday, delaying the prospect of Bank of England interest rate hikes until after Brexit.
The Consumer Prices Index fell to 2.4 per cent from a six-month high of 2.7 per cent in August, the Office for National Statistics (ONS) said in a statement.
Analysts’ consensus forecast had been for a dip in the CPI rate to 2.6 per cent.
“The largest downward contribution came from food and non-alcoholic beverages where prices fell between August and September 2018 but rose between the same two months a year ago,” the ONS said regarding the drop.
“Other large downward contributions came from transport, recreation and culture, and clothing.
“Partially offsetting upward contributions came from increases to electricity and gas prices.”
The Bank of England last month voted to leave its main interest rate unchanged, as it noted “greater uncertainty,” surrounding Britain’s departure from the European Union set for March next year.
However, the BoE’s Monetary Policy Committee had in August voted unanimously to raise the rate by a quarter-point to 0.75 percent amid Brexit-fuelled UK inflation.
It was only the second hike since the global financial crisis a decade ago and was in response to UK annual inflation holding stubbornly above the BoE’s official 2.0-percent target.
“UK inflationary pressure has eased after increasing for two consecutive months,” Miles Eakers, chief market analyst at foreign exchange group, Centtrip, said following Wednesday’s data.
“This should be welcome news for the Bank of England, as rising prices could trigger an interest rate increase, something the central bank looks set to avoid until after a Brexit agreement has been made.
“However, this dip in inflation may be short-lived. Basic wages grew at 3.1 percent in August – the fastest pace in nearly a decade.
“This, in turn, should boost consumer spending, adding to inflationary pressure in the coming months,” Eakers added.
Britain is set to leave the European Union (EU) in March even without a divorce deal.
Credit: AFP
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PSG Outscore Man City In Six-Goal Champions League Thriller
Paris Saint-Germain further soured the mood at the Etihad Stadium as Manchester City’s first home game since the guilty verdict on widespread flouting of Premier League financial rules ended in a 4-2 Champions League defeat on Wednesday.
The European champions turned on the style to strike three times inside the opening 35 minutes through Desire Doue, Ousmane Dembele and Vitinha.
But City stormed back in the second half as Erling Haaland scored twice either side of Maghnes Akliouche’s strike that briefly restored PSG’s three-goal cushion.
The 10-time English champions face swingeing sanctions unless they can successfully appeal the ruling of an independent commission last month, which found the club guilty on over 100 charges of financial impropriety.
City shrugged off the uncertainty over their future to win 3-0 at Liverpool on Sunday and remain top of the Premier League, but PSG showed why they are the favourites to win this competition for a third consecutive season.
Former City manager Pep Guardiola returned to the Etihad for the first time since his departure in May, sat behind the club’s embattled chairman Khaldoon Al Mubarak and CEO Ferran Soriano in a show of solidarity.
City made passing reference to the guilty verdict with a lengthy pre-match video detailing the club’s historic moments of celebration both before and after an Abu Dhabi-backed takeover in 2008 that transformed their fortunes.
Behind one end supporters unravelled a giant banner reading: “I’m City till I die.”
Yet the fighting talk in the stands was not matched on the field as City were blown away by a scintillating first 45 minutes from the visitors.
Luis Enrique’s decision to leave Khvicha Kvaratskhelia on the bench proved to be inspired as it meant Doue started wide on the left.
Gianluigi Donnarumma had a point to prove after the Italian goalkeeper was let go by the PSG coach just months after helping deliver the club’s first Champions League title in 2025.
However, it turned out to be a night to forget for the giant Italian.
Donnarumma was caught out at his near post by Doue’s effort from outside the box after a lightning counter-attack to open the scoring.
The move for the second goal two minutes later was even more impressive as Doue and Dembele exchanged an elaborate one-two before the latter headed in at the far post.
Achraf Hakimi hit the post before Vitinha rattled in PSG’s third from the edge of the box.
Maresca responded with a triple substitution at half-time and managed to salvage some pride, even if the deficit proved too much to overturn.
Antoine Semenyo and Enzo Fernandez missed glaring chances to pull a goal back even before Haaland glanced home a header from Iliman Ndiaye’s cross.
Yet, City were hit by a sucker punch when Donnarumma got a hand to Akliouche’s effort, but the ball looped high into the air and spun back into the net.
Nuno Mendes made a brilliant clearance off his own line, and Haaland hit the bar before the Norwegian slotted home his second of the night.
Donnarumma saved a late Ferran Torres penalty to deny the French champions a fifth goal.
But in the battle between two state-backed projects that have reshaped European football, Qatar-owned PSG are the top dogs right now as City face up to a scandal that leaves their litany of trophies over the past 15 years open to question.
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My uncle told me I will never make it in music – Lojay
Nigerian singer Lojay has revealed that he faced numerous obstacles and doubts, including from family members, when he decided to pursue a career in music.
Speaking during a recent livestream with content creator Gilmore, the ‘Monalisa’ hitmaker recalled that one of his wealthy and influential uncles told him he would never succeed in the music industry.
“I have an uncle who is now in politics. I won’t mention his name, but he is very rich and popular. When I wanted to start music, he told me I would never blow,” he recalled.
Lojay said he did not allow the doubts to discourage him but instead used them as motivation to pursue his ambition.
The singer said he was glad that his determination had eventually paid off.
He urged his fans to continue believing in their dreams and not allow naysayers to discourage them.
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Nigeria is finished, gone, ex-Super Eagles player Emenike slams govs
Former Super Eagles striker, Emmanuel Emenike, has criticised some state governors over alleged mismanagement of public funds, saying Nigeria has become an “embezzlement ground”.
Emenike expressed his displeasure in a post on his Instagram page on Wednesday, accusing some governors of lacking plans for the future of their states and prioritising the embezzlement of public funds.
He also criticised security personnel for allegedly supporting political office holders despite facing economic hardship.
“The arrogancy and confidence in some of these governors make me sick, and a lot of them don’t have good plans for the future of their state zero plans; e.g., just embezzle money, and una police and army go still follow them with empty stomachs, jokers.
“Nigeria is finished and gone. We thought it was a country when we played, not knowing that it is an embezzlement ground. Embezzlement group of companies,” he wrote.
Although the former international did not name any governor in the post.
Emenike represented Nigeria from 2011 to 2015, making his international debut in February 2011 before retiring from the national team in October 2015. He scored nine goals in 37 appearances for the Super Eagles.
He was a key member of the squad that won the 2013 Africa Cup of Nations in South Africa, Nigeria’s third continental title.
Emenike finished as joint top scorer with four goals and was named in the team of the tournament after Nigeria defeated Burkina Faso 1-0 in the final to win the title.
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