Households take a £900 hit from soaring inflation Business

PwC Senior Economist Barret Kupelian said: “Rises in food and energy prices generally act as asymmetric tax increases on households because its users cannot significantly reduce their consumption…it will act as a Headwind to economic activity as households cut spending in other places.”

Almost half of British bosses expect Russia’s invasion of Ukraine to hurt their sales figures in the coming year, according to the latest data from the Bank of America’s panel of policymakers. ‘England.

On average, companies estimated their sales would be 3% lower due to the conflict, which has disrupted global supply chains, led to Russia being shut out of international trade with the West and driving up commodity prices. raw.

Of more than 2,600 CFOs surveyed by the Bank, 48% said conflict was one of the top three sources of uncertainty for their businesses in March.

Covid has declined in importance, with 30% of businesses citing the pandemic as a top concern, down from 46% in February.

But the impact of the virus has lingered, with bosses estimating sales would be 4% lower in the first quarter than they would have been without Covid.

The share of companies citing Brexit as their main concern also fell, from 30% to just 22% in March.

Supply chains remained a major issue, with two-thirds of companies reporting some level of disruption to their non-labour inputs.