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The Guardian - UK
The Guardian - UK
Business
Graeme Wearden

Shoppers report rising food shortages; growers warn UK leek supplies may run out – as it happened

Inflation Thérèse Coffey United States Which BBC News Tesco Asda Assosia Sainsbury
A customer shopping for vegetables at a supermarket in Manchester yesterday.
A customer shopping for vegetables at a supermarket in Manchester yesterday. Photograph: Xinhua/REX/Shutterstock

Closing post

Time to wrap up, so here are today’s main stories so far:

British households have been warned there could be a lack of home grown leeks, with supplies likely to run out by the end of April.

Turnips may be running out too, after environment secretary Thérèse Coffey said yesterday people should cherish the UK’s food specialisms. Disappointed shoppers have struggled to find the root vegetable at some online supermarkets today.

The shortage of some fruit and vegetables could last until May, producers in one of the UK’s biggest growing regions have told the BBC.

UK shoppers have been hit by increased shortages of food in the shops this month, new data from the Office for National Statistics shows.

And UK households who rely on supermarket value ranges are being hit the hardest by the cost of living squeeze, after grocers hiked their prices sharply.

Elsewhere…

Members of the Transport Salaried Staffs Association (TSSA) have voted to accept offers by train companies in the long-running dispute over pay, job security and conditions, the union has announced.

Back in the currency markets, the Russian rouble has hit a 10-month low against the US dollar.

The Russian currency has dropped ove 1% to 76 rouble to the dollar, the weakest level since last April.

It dropped as the US marked the first anniversary of the full-scale invasion of Ukraine by announcing new sanctions on Russian banks,suppliers of defence equipment, and entities in the Russian metals and mining sector.

At the start of 2022, the rouble traded at around 75 to the dollar, before slumping to 120/$1 when the first wave of sanctions were announced.

The rouble/US dollar exchange rate

Despite fears of a recession this year, UK companies are still looking to hire staff.

The number of new job ads hit a 14-month high in the week to 12th Februry, figures from the Recruitment & Employment Confederation (REC) show.

There were “notable increases” in adverts for construction trades floorers and wall tilers (+ 52.7%), painters and decorators (+43.1%), construction operatives (+23.5%), and carpenters and joiners (+22.8%), the survey showed.

Shortages of workers has driven up costs for companies, and been a factor behind the soaring food inflation this year.

A chart showing UK online job adverts
A chart showing UK online job adverts Photograph: REC

Neil Carberry, chief executive of the REC, says employers are still looking to hire, even in a slower economy.

In part, that is driven by shortages – but it is also likely to be a reaction to a stronger-than-expected start to the year.

Construction is perhaps the most reactive sector to changes in economic weather, so the sector bouncing back now is a sign of renewed hope, as well as new projects getting underway in the spring.

That means it’s a good time to be looking for a new job, as candidates could be able to boost their pay.

But the shortages of labour are bad for the economy, as Carberry explains:

“The entrenched labour shortages that are driving this buoyant labour market are not sustainable for our economy and likely to damage economic growth. The economy stands to lose up to £39 billion in GDP every year from 2024 unless business and governments act on labour shortages. We hope the Chancellor will put people issues first in his Budget next month by addressing key issues, such as childcare, skills and infrastructure.”

The US stock market has opened in the red, after today’s PCE inflation report dashed hopes that price pressures were easing.

The Dow Jones industrial average has dropped by 326 points, or 1%, to 32,827, as investors anticipate another increase in US interest rates next month.

TSSA union accepts offers to end national rail dispute

Members of one of the rail unions involved in the long-running dispute over pay, job security and conditions have voted to accept offers from train companies.

The Transport Salaried Staffs’ Association (TSSA) said its 3,000 members voted overwhelmingly in favour of deals which include a two-year pay rise worth 9%. Its staff work in a variety of roles, across management, at stations, and in control, engineering, clerical, and customer service roles

The union said it had won an improved deal on pay, as well as commitments on job security and full consultation over any possible changes to terms and conditions following months of industrial unrest.

The union said 80% of management grade staff and 60% of general grade members voted to accept the offers.

A TSSA spokesperson said:

“This is a clear decision from our members which will end our long-running dispute – something which could have happened months ago had it not been for government intransigence.

“The incredible resolve we have seen from our members has resulted in a significantly improved pay deal over two years, commitments for no compulsory redundancies, improved opportunities for redeployment, as well as full consultation over proposed reforms to ticket offices and any changes to terms and conditions.

“Thanks to the great commitment of our members across the train companies they have collectively won a better future and can be rightly proud of their actions in this historic dispute.

“We will continue to hold the train companies and the government to account as we go forward because Britain needs a fully functioning rail network at the heart of our green industrial future, and as a means of rebuilding our economy in the wake of the Covid pandemic.”

The TSSA said in mid-February it would put the deal to its members, while the RMT union rejected the offer as “dreadful”.

The RMT is planning four days of walkouts over the next two months with the first scheduled for March 16, as its dispute continues.

Updated

Over in the US, a closely watched inflation measure rose by more than expected last month.

The personal consumption expenditures price index increased 0.6% from a month earlier, the most since June. On an annual basis, the index rose to 5.4% from 5.3%, dashing hopes that price pressures might have eased.

This has lifted the US dollar, as investors anticipate US interest rates will stay high for longer than hoped, pushing the pound down to $1.1945, down two-thirds of a cent today.

Ericsson and BASF making job cuts

Two major European companies have announced job cuts today.

Telecom equipment maker Ericsson will lay off 8,500 employees globally as part of its plan to cut costs, a memo sent to employees and seen by Reuters said.

Chief Executive Borje Ekholm wrote in the memo.

“The way headcount reductions will be managed will differ depending on local country practice,”

Ericsson’s move would be the largest layoff to hit the telecoms industry, following months in which major tech companies have announced large job cuts.

Europe’s largest chemicals producer, BASF, is planning to cut 2,600 jobs and reduce production in Germany, as it adjusts to a future without cheap Russian gas.

The company is closing a number of energy-intensive factories, including two ammonia plants and related fertilizer facilities, resulting in 700 job cuts at its main Ludwigshafen site in German.

Turnips 0, Swedes lots

Demand for turnips may have risen since Thérèse Coffey urged shoppers to cherish British food.

Tesco’s website doesn’t offer any turnips this morning, instead offering customers the option of a swede instead.

Tesco shopper Louis Henwood reported last night that when he searched for turnips, he was met with a message saying: ‘This product is currently out of stock’.

The Dail Mail reports that “a tray for turnips in a Tesco in Ely, Cambridgeshire, was pictured empty on Friday”.

Co-op also does not list turnips when searched (although it does have leeks, reassuringly, given the problems there), while Ocado’s website offers up a Natoora Kohlrabi (a root vegetable that translates as ‘cabbage turnip’).

It’s not all bad news for turnip lovers, though. Sainsbury’s has an offer on loose British White Turnips, at £1.70 per kg.

Updated

In the City, the pound has dropped back below the $1.20 mark against the US dollar.

Sterling is down a third of a cent at $1.1976, despite this morning’s data showing a pick-up in consumer confidence this month.

Capital Economics predict there will be more pressure on the pound, and on shares, as traders recognise that the economy is weakening, adding:

That’s why we are sticking with our view that equities and sterling will come under more downward pressure in the coming months.

Onion hoarding is threatening to create a new chapter in the global food crisis, according to Bloomberg today.

They report that prices are soaring, fueling inflation and prompting countries to take action to secure supplies. Morocco and Turkey have halted some exports, as has Kazakhstan, while the Philippines has ordered an investigation into cartels.

Bloomberg explains:

The jump in prices is a knock-on effect from disastrous floods in Pakistan, frosts damaging stockpiles in Central Asia and Russia’s war in Ukraine. In North Africa, meanwhile, farmers have battled severe droughts and an increase in the cost of seeds and fertilizers.

Poor weather has hit Moroccan growers particularly hard. At a market in the Ocean district in central Rabat, Fatima [a mother of three] said vegetable prices remain “exuberantly high” even with the ban on sending onions and tomatoes to West Africa introduced by the government this month.

Soaring prices for vegetables mean it is harder for people, particularly in the developing world, to achieve a balanced diet, experts warn. More here.

BBC: Fruit and vegetable shortage could last until May, say growers

A shortage of some fruit and vegetables could last until May, producers in one of the UK’s biggest growing regions have told the BBC.

The Lea Valley Growers Association said major UK growers were delaying planting some crops due to high energy costs.

And that means the shortages in the supermarket may not end in two to four weeks, as Defra secretary Thérèse Anne Coffey

Lee Stiles, secretary of the LVGA, warned:

“The majority of tomatoes, peppers and aubergines are not going to be around in big volumes until May, so it’s going to be longer than a few weeks.”

The LVGA says while weather conditions in Spain and Morocco are the main reason behind the current shortages, the situation is being made worse by UK producers delaying planting crops this season, the BBC explains.

They have been put off by high energy costs for greenhouses, and low prices offered by supermarkets for their produce

(Yesterday, Coffey told MPs that European supermarkets tend to have more variable-price contracts with suppliers, while the UK favour fixed-price contracts).

UK faces leek shortage

Leeks, turnips and swedes

British households have been warned there could be a lack of home grown leeks, on top of this week’s rationing of tomatoes, peppers and cucumbers at some supermarkets.

Growers are warning of a leek shortage that will see British-grown supplies exhausted by April.

High temperatures and a lack of rain, followed by a period of cold weather, are being blamed for creating the “most difficult season ever”.

The Leek Growers Association said shoppers will have to rely on leeks grown abroad through May and June – meaning people won’t be able to ‘cherish’ domestic crops, as environment secretary Thérèse Coffey called for yesterday.

Leek growers are warning that some people may not be able to buy British-grown leeks on St David’s Day. They may have to use imported leeks to make traditional dishes such as Welsh cawl, leek and potato soup or a Wrexham bake.

“Leek farmers are facing “their most difficult season ever due to the challenging weather conditions”, says Tim Casey, chairman of the Leek Growers Association.

Casey explains:

“Our members are seeing yields down by between 15% and 30%. We are predicting that the supply of homegrown leeks will be exhausted by April, with no British leeks available in the shops during May and June, with consumers having to rely on imported crops.”

There is a selection of rather impressive leek recipes on the British Leeks website.

Updated

UK banks’ net interest margins are close to peaking, says Fitch

The days of UK banks raking in profits from the gap between low savings rates and high interest charged to mortgage and loan borrowers may soon be over.

Fitch Ratings predicts this morning that UK banks’ net interest margins are close to peaking.

Net interest margins (NIMs) measure the difference between what the bank charges for loans and what it pays in interest on deposits. They swelled last year, as mortgage rates rose sharply, helping UK banks to post bumper profits for 2022, fuelling calls for a windfall tax on the banks.

At NatWest, for example, net interest income rose by 30% to £9.8bn.

Critics, including some MPs, have accused the high street banks of being too slow to increase savings rates, but quick to hike mortgage and loan costs.

This Is Money have calculated today that high street banks made £39.9bn in 2022 from the widening gap between low savings rates and the high interest charged to mortgage and loan borrowers. That’s £7bn more than the year before.

As Fitch puts it:

Net interest income increased materially in 2022, driven by rising interest rates, supporting the strong profits reported by the UK’s largest banks in their recent results announcements

Today, though, Fitch predicts that banks’ NIMs will peak in 2023. It predicts that depositors become more selective in search of higher yields, and that mortgage margins will fall. Also, the slowing economy may hit demand for credit, and the Bank of England interest rate rises could peak this summer.

Fitch says:

We expect mortgage spreads to narrow due to higher swap rates and continued competitive pressures.

Funding costs are likely to increase as the recent policy rate rises gradually feed into higher deposit costs, with customers seeking the best rates available, and as wholesale funding is refinanced at higher cost.

Meanwhile, loan growth is likely to slow due to the tougher operating environment, and we expect banks to be cautious in their lending decisions, particularly in the sectors that are most exposed to an economic downturn.

Updated

UK shoppers report more shortages - worse than a year ago

UK shoppers have been hit by increased shortages of food in the shops this month, new data from the Office for National Statistics shows.

A quarter of adults reported that they could not find a replacement when the items they needed were not available when food shopping in the past two weeks.

This proportion has increased from 15% in a similar period a year ago, indicating that Britain’s fruit and vegetable shortages are not just down to seasonal factors.

Nearly 2 in 10 adults experienced shortages of essential food items that were needed on a regular basis in the past two weeks, up from 13% a year ago.

As we covered in the introduction, supermarket value range shoppers are bearing brunt of food price inflation, with the cost of supermarket basic ranges up 21.6% in the last year, according to Which?

Around 22% adults experienced shortages of non-essential food items in the past two weeks. Since March 2022, the proportion has seen a general increase to its current level, the ONS says.

A graph showing UK food shortages

Over nine in 10 adults reported that their cost of living has increased in the last year – a period when inflation hit double-digits.

The main reasons given were:

  • the price of food shopping (95%)

  • their gas or electricity bills (79%)

  • the price of fuel (45%)

Two thirds of adults reported spending less on non-essentials:

The ONS also asked the public what they feel are important issues facing the UK today, and the cost of living crisis topped the list, followed by the situation in the National Health Service.

  • the cost of living (91%)

  • the NHS (85%)

  • the economy (74%)

  • climate change and the environment (58%)

Updated

Russia’s economy is expected to keep shrinking this year, due to Western sanctions imposed since the full-scale invasion of Ukraine a year ago.

In a new report, Allianz Research predict Russia’s GDP will fall by 1% in 2023, despite Moscow’s efforts to support its economy.

That’s a gloomier forecast than the IMF, which predicts growth of 0.3% this year.

Energy revenues are likely to be lower this years, as Europe has cut its reliance on Russian energy.

Allianz says that Moscow may find it harder to finance its budget beyond 2023:

  • Despite Western sanctions, the Russian economy held up much better than expected: real GDP contracted by just -2.1% last year. However, the outlook is challenging. We expect a further contraction of -1% this year.

  • Business insolvencies decreased by -12% y/y in 2022 thanks to several public support measures, including a debt moratorium (until October 2022), tax deferrals and preferential terms for corporate loans. Given the government’s continued fiscal space to maintain support for firms, we expect insolvencies to remain stable in 2023, close to the low posted last year.

  • While Russia’s (available) FX reserves have recovered since September 2022, the fiscal deficit will rise to -3.2% of GDP (from -2.3% in 2022) due to rising military spending and declining energy export revenues. The government will fund the fiscal gap through domestic bond (OFZ) issuance and withdrawals from the National Wealth Fund. Beyond 2023, budget financing may become more difficult.

Allianz Research also predicts that the reconstruction of Ukraine will need at least €100bn-€150bn of private investment, as well as €350bn, saying:

The priority will be investment in infrastructure, health services, housing and schools, as well as digital and energy resilience.

German recession fears mount after GDP falls 0.4% in Q4 2022

Over in Germany, fears of a recession are swirling after Europe’s largest economy shrank by more than first thought at the end of last year.

German GDP contracted by 0.4% in the final quarter of 2022, updated figures from statistics body Destatis this morning show. That’s twice as sharp a downturn as the 0.2% first estimated.

Germany is expected to contract in the current quarter, which would put it into a technical recession, after being hit by soaring energy prices.

Destatis says:

The German economy markedly lost momentum at the end of the year. The gross domestic product grew in the first three quarters of last year (+0.8%, +0.1% and +0.5%) despite difficult framework conditions in the global economy.

The data is a reminder of the economic cost of the Ukraine war, as Europe marks the first anniversary of Russia’s full-scale invasion.

The GDP report shows that private consumption fell by 1% quarter-on-quarter, as German households were hit by rising inflation.

Companies cut back too, with capital investments plunging by 2.5% quarter-on-quarter.

Construction output suffered from shortages of material and skilled labour shortagem and cold weather in December, while high energy costs hit manufacturing.

Net exports, government consumption and a large inventory build-up prevented the economy from falling into a deeper contraction, ING’s economist Carsten Brzeski explains.

Brzeski predicts a German recession in the short term and a subdued recovery afterward, saying:

In Germany, industrial orders have weakened since the start of 2022, consumer confidence, despite some recent improvements, is still close to historic lows, the loss of purchasing power will continue in 2023, and the full impact of monetary policy tightening still has to unfold.

Today’s numbers mark the first part of what could become a technical recession in Germany. We think that the risk of yet another contraction in the first quarter and, thus, a technical recession is high and that the German economy is still miles away from staging a strong rebound.

However, German business sentiment has improved for the last five months, according to data from the IFO institute this week which suggested the economy was emerging from its weak patch.

Updated

Elsewhere in the entertainment industry, Netflix is cutting prices of its subscription plans in some countries.

The announcement yesterday comes as Netflix tries to maintain subscriber growth amid stiff competition and strained consumer spending.

According to the Wall Street Journal, which first reported the news, the price cuts took place in some countries in the Middle East, sub-Saharan African, Latin America and Asia.

The cuts apply to certain tiers of Netflix in those markets - in some cases, the cost of a subscription was halved, the Journal reported.

Victoria Scholar, head of investment at interactive investor, exlains Netflix is trying to bolster demand amid the backdrop of weak global growth, adding:

In January, Netflix delivered fourth quarter subscriber numbers which sharply outpaced expectations, partly thanks to its cheaper ad-supported subscription service as well as successful releases including the Harry and Meghan docuseries. The streaming platform which has been facing stiff competition from Disney+ and other players, has acted nimbly to tackle the macroeconomic challenges from a softening consumer and slowing growth. In response to its drop in subscriber numbers last year, Netflix has been cutting jobs, cutting prices, and adapting its business model to remain relevant during the cost-of-living crisis. Given that streaming is an easy to cut, non-essential spend, Netflix’s strategy has paid off, helping the TV and movie platform to remain relevant at a time when consumer budgets are feeling the pinch.

After a torrid first half of 2022, shares in Netflix have been regaining ground, rallying more than 40% over the last six months. But the stock has been under pressure since the January peak shedding over 10% in the last 30 days as January’s risk-on sentiment across equities fades.”

Cineworld shares tumble 43% as equity holders face wipeout

Shares in cinema chain Cineworld have tumbled by over 40% in early trading, after it warned this morning that shareholders’ equity may be wiped out by its plans to exit from Chapter 11 bankruptcy protection.

Cineworld, which filed for bankruptcy protection last September, has been seeking a buyer.

Today, it says that while it has received “non-binding proposals” for parts of its operations, it has not received an all-cash bid for the entire business.

Cineworld, which owns the Regal chain in the US as well as cinemas across the UK and in Israel and eastern and central Europe, says it hopes to emerge from Chapter 11 in the first half of this year.

And it warns that any route out of Chapter 11 is likely to wipe out existing shareholders, saying:

Discussions between the Company and certain of its stakeholders regarding a potential Plan are progressing.

Whilst the discussions suggest that there is a route to the Company emerging from the Chapter 11 cases, in light of the level of existing debt that is expected to be released under any Plan, the Company does not believe that there will be sufficient creditor support for a Plan that contemplates any recovery for equity interests, and it is therefore not expected at this time that any Plan will provide any recovery for holders of Cineworld’s existing equity interests.

Shares have fallen to 2.1p, down from 3.9p last night. At the end of 2019, before the Covid-19 pandemic hit, they were worth 220p.

Updated

BA parent company sees robust bookings after return to profit

A British Airways Airbus A380-841

In the City, British Airways’s parent company has returned to profitability, as Covid-19 restrictions were eased last year.

IAG tells shareholders that it saw “a strong recovery” in its core markets in 2022, which boosted revenues and cash flows, and helped it post a profit

IAG made a pretax profit of £431m, up from a loss of £2.9bn in 2021.

Operating profits were £1.25bn, up from a loss of £2.76bn.

It expects a “further recovery” in profits this year, aiming for an operating profit before exceptional items of €1.8bn to €2.3bn. But, that will depend on the macroeconomic environment, fuel costs, and other cost inflation.

Luis Gallego, IAG’s CEO, says demand looks to be robust.

“2022 was a year of strong recovery, driven by sustained leisure demand and markets reopening.

At this point of the year we continue to see robust forward-bookings, while also remaining conscious of global macro-economic uncertainties.

Updated

UK consumer confidence hits highest level since April 2022

In better news, though, UK consumer confidence has rebounded this month to its highest level in almost a year.

GfK’s gauge of consumer morale has increased to -38 in February from -45 in January, beating expectations for a reading of -43.

This was the biggest month-on-month rise in nearly two years, lifting sentiment to the highest level since April 2022.

GfK found that people are more optimistic about the state of their personal finances and the general economic situation, particularly about the next 12 months.

It suggests UK households have been resilient despite the cost of living crisis, which could help the economy avoid a deep recession this year.

UK consumer confidence
UK consumer confidence Photograph: GfK

Consumer confidence is still low by historic standards, though, as Victoria Scholar, head of investment at interactive investor explains:

The reading is still languishing in negative territory and 12 points below its reading from February 2022 amid the cost-of-living crisis, lacklustre growth, and rampant inflation. But consumers were more willing to purchase bigger items and reported an improvement in their personal finances.

Not dissimilar to the inflation picture, consumer confidence has a long way to go to restore more normal levels, but the latest reading points to an encouraging trajectory with sentiment starting to shift away from near all-time lows. With the UK narrowly staving off a recession, financial markets picking up, inflation starting to ease and interest rates approaching their peak, there are incipient signs of hope for the UK consumer.”

Updated

BBC: Pasta price nearly doubles to 95p as cost of basics rises

The price of pasta has nearly doubled in two years, new research for the BBC has found.

A standard 500g bag of pasta was 50p two years ago - now it’s 95p, an increase of 90%, data from retail research firm Assosia shows.

The BBC has been tracking the cost of a small basket of 15 everyday essentials. The total has gone up by £5.34 - from £15.79 in 2021 to £21.13 in 2023.

That’s an increase of a third, at a time when households are also weighed down by soaring energy costs.

Kay Staniland, director at Assosia, said the figures show the real price rises that shoppers are seeing each week, adding:

“It’s inflation on top of inflation at the moment.”.

More here

Introduction: Supermarket value range shoppers bearing brunt of food price inflation

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

UK households who relying on supermarket value ranges are being hit the hardest by the cost of living squeeze, after grocers hiked their prices sharply.

New research from Which? released this morning found that the price of value items that make up the supermarkets’ most basic ranges has risen by 21.6% since January 2022 – or twice the current rate of consumer price inflation.

Standard own-brand food prices were up by 18.9%.

Overall inflation across supermarket shelves was 15.9% in the year to January, Which?says, with pricier goods rising by less that typically cheaper ones. Branded groceries were up 13.2% year on year, while premium ranges went up by 13.4%.

The cost of everyday staple items had surged over 12 months, Which reports:

Among the most alarming items soaring in price include muesli, which went from £1.20 to £2.25 at Sainsbury’s (up 87.5%), tins of sliced carrots went from 20p to 33p (up 63%) at Tesco, and pork sausages went from 80p to £1.27 (up 58.2%) at Asda.

The report is the latest evidence that poorer households are being hardest hit by the squeeze on budgets. Charities warned this week that one in four households regularly run out of money for essentials.

Prices were up 23.6% at Lidl and 22.5% at Aldi on a year ago, compared with 10.4% at Ocado, 13.2% at Sainsbury’s, 13.6% at Tesco, 14.4% at Morrisons, 15.2% at Waitrose and 16.8% at Asda.

However Which? found the discounters were generally still cheaper than their competitors.

Sue Davies, Which? head of food policy, says supermarkets should make more efforts to help shoppers find the best value products on the shelves.

“It’s clear that food costs have soared in recent months, but our inflation tracker shows how households relying on supermarket value ranges are being hit the hardest.

“Supermarkets need to act and Which? is calling for them to ensure everyone has easy access to basic, affordable food ranges at a store near them, particularly in areas where people are most in need.

“Supermarkets must also do more to ensure transparent pricing enables people to easily work out which products offer the best value and target their promotions to support people who are really struggling.”

Food producers have blamed rising energy bills and labour shortages for pushing up their costs, which are being passed onto customers.

As we’ve been covering this week, supermarket shoppers now face shortages of fruit and vegetables, and restrictions on how many items they can buy at many supermarkets.

Yesterday, environment secretary, Thérèse Coffey, has caused a furore after she suggested people should “cherish” seasonal foods such as turnips, if they can’t get hold of tomatoes and lettuce this winter.

My colleague Zoe Wood has written about turnipgate here:

With a love of turnips more commonly associated with the long-suffering manservant Baldrick in Blackadder, Coffey handed her critics the kind of material they could normally only dream of.

“Let them eat turnips!” suggested the Labour MP Ben Bradshaw, using the hashtag #TomatoShortages, as “turnips” started to trend on Twitter timelines for possibly the first time.

Coffey made her comments after being called to the Commons to answer an urgent question about supermarket rationing of salad ingredients, owing to shortages caused by bad weather in Spain and north Africa. She had been trying to make a point about eating seasonally.

The turnip tumult has also made two front pages this morning, with the Daily Star offering a ‘cut out and keep’ vegetable.

As well as pitching seasonal veg, Coffey predicted that the current shortages of some fruit and vegetables should be resolved in two to four weeks.

The agenda

  • 7am GMT: German Q4 GDP (second estimate) and consumer confidence report

  • 7.45am GMT: French consumer confidence report

  • Noon GMT: Mexico’s Q4 GDP report

  • 1.30pm GMT: US PCE survey of consumer inflation

  • 1.30pm GMT: US personal income data for January

  • 3pm GMT: University of Michigan consumer sentiment report

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