UK grocery inflation hits highest level since 2013: Kantar Worldpanel

People leave a Burberry store in London. (AP/Frank Augstein/file)
Updated 14 November 2017
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UK grocery inflation hits highest level since 2013: Kantar Worldpanel

LONDON: British grocery inflation was 3.4 percent in the 12 weeks to Nov. 5, its highest level since November 2013, industry data showed on Tuesday.
Market researcher Kantar Worldpanel said prices are rising fastest in markets such as butter, fish and cola and are falling in only a few markets, including crisps and fresh poultry.
Kantar said overall UK grocery sales increased in value by 3.2 percent year on year in the 12 week period.
Of Britain’s big four grocers, Sainsbury’s, the No. 2 player, was the best performer with a sales rise of 2.6 percent, followed by market leader Tesco, with an increase of 2.3 percent. Asda and Morrisons followed with rises of 1.5 percent and 2.1 percent respectively.
Discounter Lidl was Britain’s fastest growing supermarket for the fifth straight period with sales up 15.1 percent. Rival Aldi’s sales rose 13.1 percent.


Kuwait Energy starts producing natural gas from field in southern Iraq

Updated 38 min 37 sec ago
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Kuwait Energy starts producing natural gas from field in southern Iraq

BASRA: Kuwait Energy PLC started producing natural gas from Siba on Wednesday, the first gas field to be brought on stream in the south of Iraq, an Iraqi oil executive said.
Siba began producing gas at an initial rate of 25 million cubic feet a day (mcf/d), which should rise gradually to 100 mcf/d by the end of the year, said Kareem Abd Oda, the director general of the joint venture established by Iraq and Kuwait Energy to develop the field.
Siba, south of the city of Basra, is producing natural gas and gas condensates, he added.
The other hydrocarbon reservoirs of southern Iraq that are already in operation produce natural gas alongside crude oil.
The gas extracted in several of these fields is burnt off instead of being captured, as the country lacks the capacity to process it into fuel for local consumption or exports.
Energy-rich Iraq is looking to boost oil and gas production with joint ventures with Kuwaiti, Turkish and Egyptian firms, as it rebuilds its economy following years of turmoil, including the takeover of large parts of the country by Daesh in 2014.
The semi-autonomous Kurdistan Regional Government has started producing natural gas from fields in northern Iraq.
Iraq hopes by 2021 to end gas flaring, which costs nearly $2.5 billion in lost revenue for the government and would be sufficient to meet most of its unmet needs for gas-based power generation, according to the World Bank.
Iraq holds on Thursday an auction of oil and gas exploration contracts in 11 blocks alongside the border with Iran and Kuwait and in offshore Gulf waters. The new contracts set a time limit for companies to end gas flaring from oilfields they develop.
Iraq is the Organization of the Petroleum Exporting Countries’ second-largest producer after Saudi Arabia.
Companies including BP, Exxon Mobil, Eni , Total, Royal Dutch Shell and Lukoil helped Iraq expand production in the past decade by more than 2.5 million barrels per day (bpd) to about 4.7 million bpd.
Iraq’s crude exports from its southern region on the Gulf have averaged 3.5 million bpd so far in April, two oil executives told Reuters on Wednesday.
That is higher than the March average of 3.45 million bpd.