Petrol is up 3.2p a litre and diesel 4p a litre as fuel tankers are forced to avoid the Suez canal
The cost of filling up a family car in the UK increased by about £2 this month as the jump in the oil price caused by the Red Sea attacks is felt at the pumps.
In the three weeks to 18 February petrol increased by 3.2p to 143.4p a litre, while diesel rose by 4p to 152p, according to the RAC, which said this was “worrying” for motorists.
Continue reading...Accounting firm BDO also warns of future impact of fraudsters using artificial intelligence to rip off customers
The amount of fraud committed in the UK more than doubled to £2.3bn in 2023, marking the second-biggest year for scams in the last two decades, according to a report that also warns of the future impact of fraudsters using artificial intelligence to rip off consumers.
The accounting firm BDO’s latest FraudTrack report found that the number of reported cases rose by 18% to a three-year high, and the number of high-value cases over £50m increased by 60% year-on-year in 2023. Half of the high-value frauds were over £200m.
Continue reading...Price Promise tariff gives discount on current cap and guarantees to be at least £1 per fuel under April one
British Gas has launched a fixed-rate gas and electricity deal that offers a 12% saving over most existing price-capped tariffs, adding a new choice to the hard-to-navigate home energy market.
For the past two winters, consumers have largely been spared having to seek out the cheapest deal, because, in almost all cases, it was their supplier’s price cap-protected standard tariff.
Continue reading...Many best rates are easy access and notice options rather than ones that lock money away
This week’s news that inflation stayed steady at 4% in January means it is still possible to put your money in a savings account with an interest rate that beats the rising cost of living.
Returns on fixed-rate savings accounts have been falling, but, so far, variable rate deals have remained unchanged.
Continue reading...Andrew Bailey says cost of living had been higher than expected in December despite ‘encouraging’ inflation news
The Bank of England governor has doused hopes that better-than-expected inflation news last month will accelerate cuts in interest rates, stressing the need for further evidence of wage moderation before Threadneedle Street moves.
Appearing before the House of Lords economics committee on Wednesday, Andrew Bailey said it was “encouraging” that inflation had remained unchanged at 4% in January but the previous month’s figure for the cost of living had been higher than predicted.
Continue reading...While some banks and building societies scrap system, others report increase in usage by customers
While some banks are scrapping passbook savings accounts amid suggestions they are past their sell-by date, other providers have reported an increase in their usage as people turn to cash to help them manage the cost of living.
Newcastle building society said that in 2023 it issued about three times as many passbooks as it did in 2021, and that it is getting new customers on the back of decisions by rivals to axe them.
Continue reading...Rightmove says average advertised price outside London is up 9.2% on a year ago despite fall in some regions
Average private rents in Great Britain have climbed to new record highs, though in some regions there has been a small fall in the amount new tenants are being asked to pay, data shows.
The typical advertised private rent outside London for new properties coming on to the market rose to a record £1,280 a calendar month in the final quarter of 2023, according to the property website Rightmove. That is £2 higher than the £1,278 figure recorded in the third quarter – a sign that rental growth is slowing.
Continue reading...Regulator’s review will look at evidence and options on how universal postal service ‘might need to evolve’
Royal Mail could be allowed to end Saturday postal deliveries as part of Ofcom’s review into how the service may need to be reformed.
Next week, Ofcom will publish a document outlining “potential options for the future of the universal postal service”.
Continue reading...Payments halted four times and left Eileen McGrath without income over Christmas
A retired teacher has had her pension payments stopped four times because her pension provider repeatedly refuses to accept that she is not dead.
Eileen McGrath, 85, was left without income over Christmas when Teachers’ Pensions, which administers payments on behalf of the UK government, wrongly matched her with a deceased stranger.
Continue reading...Claim comes amid state and federal inquiries into Australian grocery sector and what producers say is a widening gap between wholesale and shelf prices
Farming groups have accused the major supermarkets of using their power to distort the market, leading to elevated prices for shoppers and low prices for producers.
The claim comes amid falling global prices for agricultural goods that have failed to dent grocery bills, and growing scrutiny of supermarket pricing practices through newly announced federal and state parliamentary inquiries.
Continue reading...Executives of Woolworths, Coles and Aldi have agreed to appear at hearings, Steven Miles said, amid concerns from farmers and consumers
Queensland’s state government will launch an inquiry into alleged grocery price gouging – despite the jurisdiction having few powers to combat the issue, the premier said.
The premier, Steven Miles, said terms of reference are being drafted and the committee will be formed in the first sitting week of parliament for the year, next month.
Continue reading...Ed Sheeran and Little Mix fans among those targeted by firm that resold on Viagogo and StubHub
Ticket touts acting out of “greed and dishonesty” sold tickets worth £6.5m to music fans, a court has heard, as a woman known as the “Ticket Queen” pleaded guilty to fraudulent trading nearly seven years after being named in an Observer investigation.
TQ Tickets Ltd, owned by Maria Chenery-Woods of Norfolk, used fake identities to hoover up large numbers of tickets for acts such as Ed Sheeran and Little Mix, prosecutors for National Trading Standards said.
Continue reading...UK’s mobile and broadband firms were accused of ‘greedflation’ last year by the Guardian
BT has become the first major telecoms company to scrap controversial above-inflation price rises for mobile and broadband customers – but not before pushing through a final increase this year.
The owner of mobile operator EE has moved to address the pressure on consumers from rising household costs during the cost of living crisis, after telecoms companies were criticised for increasing bills.
Continue reading...Customers can collect their parcels and try on items in one trip during trial at La Poste branches
It is an increasingly common irritant of modern life. You order an item of clothing online; you wait with anticipation for it to arrive, and five minutes after it has arrived you’re packaging it up because it doesn’t fit.
For shoppers in France, however, the national post office may have the answer – or at least a way of making the process less logistically challenging. It is experimenting with in-store changing rooms to cater to people who want to quickly return purchases they do not want.
Continue reading...Peak body says farmers aren’t getting ‘fair value’ as Steven Miles demands answers from supermarkets on overcharging claims
A peak body representing Queensland farmers has increased pressure for an inquiry into price gouging after the state’s premier wrote to the big supermarket chains demanding answers over a “widening gap” between the prices farmers receive and those customers pay.
The Queensland premier, Steven Miles, sent a letter to the CEOs of Coles, Woolworths, IGA and Aldi on Friday telling them about his “growing concern” about the disparity between checkout prices and the value farmers receive for their stock.
Continue reading...Consumers buy more items – including plenty of parsnips and sprouts – to beat last year’s spend by 7%
UK shoppers spent £13.7bn on groceries in the run-up to Christmas – 7% more than a year before – as they sought out bargains and switched to discounters to try to offset price inflation.
The number of items bought rose by 2% in December as prices climbed by 6.7%, according to analysts at Kantar, although that was down from 9.6% in November – making it the biggest monthly drop in inflation the data firm has ever recorded.
Continue reading...Campaign groups call on regulator to abolish January bill increase, saying households are facing an ‘assault from all sides’
Midwinter energy price increases should be abolished to protect households from unaffordable bills “at the worst possible time”, according to a coalition of leading charities.
Charities and campaign groups have called on Ofgem, the energy regulator, to scrap future January bill increases as it prepares to raise the cap on energy prices by 5% from Monday.
Continue reading...This online tool will help you discover what is contributing to your household’s cost of living increases
Inflation has been soaring in the UK, with people being hit by higher prices for everyday essentials, but cost of living pressures are finally starting to ease.
The latest inflation rate for the 12 months to November 2023 means that goods and services cost 3.9% more than they did a year ago – in most cases, surpassing any pay rises workers can expect to receive.
Continue reading...Minister’s move follows reports of pensioners left unable to call for help
Telecoms providers have been forced to pause plans to impose digital phone lines on vulnerable customers after reports of pensioners left unable to call for help during power cuts.
Companies including BT and Virgin Media have been forced by Michelle Donelan, the technology secretary, to sign a charter to safeguard at-risk households during the nationwide switchover from analogue to internet-based landlines.
Continue reading...People who want to buy property costing more than £450,000 say they unfairly face losing money
Campaigners are pressing for changes to a UK government scheme for would-be first-time buyers that “fines” people if they use it to buy a home costing more than £450,000.
Martin Lewis, the founder of MoneySavingExpert.com, is among those calling for an urgent revamp of the rules that apply to lifetime Isas, which let people save for a first home or for their retirement.
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