BUSINESS LIVE: Inflation hits 30-year high; Indivior eyes US listing

BUSINESS LIVE: UK inflation hits fresh 30-year high of 5.5% – and it’s forecast to keep rising; Indivior eyes US listing

British consumer prices rose at the fastest annual pace in nearly 30 years last month as inflation hit 5.5 per cent, up from 5.4 per cent in December, the Office for National Statistics said on Wednesday.

Economists had forecast inflation would stay unchanged at December’s rate, but it edged up to its highest since March 1992, putting further pressure on the Bank of England.

Opioid addiction treatment maker Indivior is exploring an ‘optimal’ listing in the US, its biggest market, as the British company reported a rise in annual revenues on the back of its newer injectable therapy.

‘Our preliminary view is that an additional US listing is likely to be beneficial to the group’s profile and visibility,’ CEO Mark Crossley said in a statement.

Coca Cola Europacific Partners saw post-tax profits rise 56 per cent in 2021 on an FX-neutral comparable basis, as revenues jumped 28 per cent to almost €13.8billion (£11.5billion).

Chief executive of the firm, which is a combination of the three main bottling companies for The Coca-Cola Company in Western Europe, Damian Gammell said the performance reflects a ‘focus on core brands, in-market execution and smart revenue growth management initiatives’.

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‘Clothing and footwear pushed inflation up this month and although there were still the traditional price drops, it was the smallest January fall since 1990, with fewer sales than last year,’ ONS chief economist Grant Fitzner said.