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News Tag: fuel costs

October 7, 2011

Factory gate inflation rises, driven by higher fuel costs

by Kay Mitchell
The Office for National Statistics (ONS) has today revealed UK producer output prices rose in September – driven by higher fuel and food costs. The increase will no doubt raise concern about whether consumer price inflation will slow next year as sharply as the Bank of England is forecasting. According to the ONS, output prices (factory gate) annual inflation for ...

April 15, 2011

US inflation rises more than expected in March

by Kay Mitchell
US inflation rises more than expected in March
The US Labor Department has today revealed consumer prices climbed to 2.7% in March from 2.3% in February. The rise, which was more than expected, was attributed to higher food and petrol prices. Meanwhile, on a monthly basis, consumer prices rose by 0.5% in March. Inflation is rising in many economies throughout the world, particularly in Asia. Today figures revealed India’s inflation rate ...

April 14, 2011

Food prices soaring to dangerous levels

by Kay Mitchell
According to the World Bank, soaring food prices have pushed more than 40 million people into poverty in the last year. Worryingly, a further 10% increase in food prices would push 10 million below the extreme poverty line - defined as an income of less than $1.25 a day. Robert Zoellick, World Bank president, was asked if he thought prices would remain ...

January 20, 2011

Revenue up at easyJet despite snowfall

by Kay Mitchell
Revenue up at easyJet despite snowfall
Budget airline easyJet has today said it was hit by the severe wintry weather in Europe last month and was hit by costs of £31 million, which also included strike action by French air traffic controllers. However, taking this into account, the airline said revenue in its first quarter (the final three months of 2010) was up 7.5% to £654 million compared ...

August 16, 2010

Euro zone inflation sees sharp rise in July

by Kay Mitchell
Euro zone inflation sees sharp rise in July
Annual inflation in the 16-member euro zone has increased from 1.4% in June to 1.7% last month - a 20-month high. On a monthly basis, prices fell 0.3% in July. According to the EU statistics agency Eurostat, inflation was driven by higher fuel costs. Meanwhile, across the 27 nations in the European Union, annual inflation grew to 2.1% last month, up from ...

June 17, 2010

US consumer prices drop in May

by Kay Mitchell
Official data has today revealed that US consumer prices fell for the second consecutive month in May, by 0.2% on a monthly basis. The fall was attributed to declines in fuel costs, after energy prices dropped sharply, according to the Labor Department. The fall in May was the biggest monthly drop since December 2008. Meanwhile, on an annual basis, prices have increased 2%, ...

February 1, 2010

Losses shrink at Ryanair due to cutbacks

by Kay Mitchell
Irish budget airline Ryanair has today posted a €10.9 million (£9.4 million) loss for the October to December quarter. However, the loss for Europe’s largest no-frills airline was much less than the €101.5 million deficit it posted for the same period a year earlier - when fuel costs were sky-high. The group said the result had been boosted by a 37% ...

November 17, 2009

easyJet hit by rising fuel costs

by Kay Mitchell
Budget airline easyJet has posted a severe fall in profits for the full-year to the end of September as a result of rising fuel costs. The airline posted underlying pre-tax profits of £43.7 million, compared with £123.1 million in the same period a year earlier - a fall of 64.5% However, the no-frills airline said it expected a "substantial" improvement to profits in ...

October 7, 2009

Aer Lingus to axe almost 700 jobs

by Kay Mitchell
Irish airline Aer Lingus, which like many others is struggling amid the global recession, has today announced plans to reduce headcount by 676 in a bid to save €97 million (£90 million) over the next two years. Furthermore, the airline is also calling on staff earning more than €35,000 (£32,400) a year to take a pay cut in an effort to ...

August 15, 2008

Britain’s poorest families in line for fuel vouchers

by Kay Mitchell
The Government is drawing up plans to help Britain’s poorest families in the form of vouchers to help them with soaring fuel bills. Vouchers worth between £50 and £100 could be sent to around six million who claim child tax credit and would be redeemed directly against fuel bills. However, the proposed scheme has met with criticism. Jenny Saunders, of ...