Welcome to the Money blog, your source for personal finance and consumer news and tips. We encourage you to leave a comment on any of the stories we cover below.
Today marks the start of the energy price cap, a measure designed to protect consumers from being overcharged for their gas and electricity. Here is everything you need to know about the new cap.
In a recent development, a “bleak” new security measure has been spotted in an unspecified Tesco store. This time, it’s olive oil that has become the target of anti-theft measures. The product was found encased in netting and tagged with an alarm, prompting one customer to question the state of the world. This is just the latest in a series of surprising security measures implemented in individual stores, including an out-of-hours smoke machine in another Tesco branch last month.
However, these measures are not part of a universal policy and have only been introduced in certain stores, according to sources at Sky News.
As one shopper commented on social media, “All ‘anti-shoplifting’ measures are theatre.” Another expressed their dismay, saying, “This is so bleak.” A third added a touch of humor, joking that the olive oil “has to wear fishnets now.”
The increase in olive oil prices can be attributed to a combination of factors, including high temperatures and droughts in Spain, the leading producer and exporter of the product. This has been compounded by global inflation and the spread of a bacterial disease called Xylella Fastidiosa, which has killed off many olive trees in southern Europe. As a result, organized criminal gangs have resorted to stealing the valuable commodity.
If you’re interested in learning more about the rising cost of olive oil, take a look at our article on the topic.
In other news, house prices around the world are reaching “new highs.” But how does the UK compare? According to data from Knight Frank’s Global House Price Index, the UK ranked 37th out of 56 countries for house price growth in the first quarter of 2021. While this is lower than the global average of 3.6%, it outperformed many of its European counterparts. Only 11 countries saw a decrease in prices, with France (-5.2%) and Germany (-3.9%) experiencing slower economic growth and high inflation.
The majority of countries (82%) saw an increase in house prices, with Turkey topping the list with a 52% price increase. However, this figure is somewhat misleading, as Consumer Price Index inflation in Turkey has also risen, meaning that in real terms, house prices have actually fallen by 9.9%.
Meanwhile, the city of Barcelona is cracking down on tourism by banning the display and sale of “offensive” souvenirs. This includes products with sexist or homophobic messages, which the city believes are damaging its image. As Jordi Coronas, deputy spokesperson for the ERC, explained, “The ban includes products such as ‘penises with the Barcelona brand, T-shirts with sexist or homophobic comments, or simply comments that, when displayed on these products, devalue Barcelona’.”
As always, we welcome your questions and comments. Please feel free to leave them below and stay tuned for more personal finance and consumer news.