We do believe this situation is going to be with us for most of the first half of 2022.” “It’s probably easier to say where we don’t feel the pressure. Thierry Vanlancker, chief executive of AkzoNobel, said that the cost pressures and supply shortages were widespread across many inputs including petrochemicals, additives and metal packaging. In response, the decorative and industrial paint maker, which took over ICI back in 2007, hiked its prices by 9% in July-September compared with the previous year.īut operating income dropped (to €226m from €326m in in 2020), as higher prices were “more than offset” by the impact of higher costs and lower sales volumes. Its raw material and other variable costs increased by €278m compared with Q3 2020. The Dulux-maker said raw material inflation continued to intensify in the third quarter of the year. Rising petrochemical prices are also pushing up the cost of paint.ĭutch paints and coatings maker AkzoNobel warned this morning that “significant raw material cost inflation and supply constraints” are expected to continue until the middle of next year. Raw material squeeze drive up cost of paint 13:45 © Provided by The Guardian Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain. Related: Why September’s dip in UK inflation may be a false dawn Subsequent price increases in September 2020 meant the cost of eating out increased at a slower rate relative to the same month this year. Rishi Sunak’s handout for bars and restaurants, which many health experts believe was a super-spreader event that contributed to the surge in the virus last autumn, was not only financially costly, it also allowed for a reduction in prices in August. The chancellor’s £850m eat out to help out scheme that offered 50% off meals up to £10 in August last year to lure consumers back to the high street is the latest to send the figures in an unexpected direction. Lockdowns that closed most shops and government subsidies that propped up household spending power are among the many distorting effects of Covid-19 affecting prices. The coronavirus pandemic has wreaked havoc on most official data and the inflation figures are among the worst affected. The dip in UK inflation to 3.1% in September is unlikely to last, m y colleague Phillip Inman writes:Īnyone concerned about rising prices could be forgiven for thinking that the momentum building in recent months had slipped a gear and forecasts of inflation running away to 4% or even 5% next spring could joyfully be put in the bin. Why September’s dip in UK inflation may be a false dawn 13:59 Phillip Inman © Provided by The Guardian Diners in Gerrard Street, Chinatown, during the Eat Out to Help Out scheme in August 2020 Photograph: James Veysey/Shutterstock Related: Fuel duty losses in green transition may mean new taxes, Treasury warns The move to electric cars will erode revenues from fuel duty and vehicle excise duty, so new levies - such as road tax, potentially - could be needed to fill the gap. Related: ‘Ambitious’ UK plans for electric vehicles welcomed – with reservationsīut as we covered yesterday, the Treasury says the UK will need new taxes or reduced public spending to cover the move to net zero. The exact targets and mechanisms will be set out for consultation in spring next year. Targets will be introduced from 2024 for zero-emission vehicle sales, before the 2030 deadline when the sale of new petrol and diesel cars and vans will be banned.Įnvironmental campaigners welcomed the move, while manufacturers gave a guarded response ahead of the detail of the scheme being announced. The government’s net zero strategy, released on Tuesday, showed that car manufacturers in the UK will be mandated to produce a growing proportion of zero-emission vehicles each year, to push the transition from fossil fuels to electric cars.
#Fl studio 12.4.2 backup drivers#
The surge in petrol and diesel prices could spur drivers towards electric cars. , is pumping up the cost of petrol and talking up the price to hide the extra profit.”
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