Federal Reserve expected to hike interest rate to curb inflation

Reuters

From burgers to gadgets, stressed consumers buy cheap

NEW YORK/LONDON (Reuters) -Some global consumers are showing signs of cracking, as shoppers stressed by record inflation stick to buying basics like food, bleach and cheap burgers, while those with bigger bank accounts are snapping up $3,000 Louis Vuitton handbags. There is weakness seen in those that have been hit hardest by record fuel and food prices. “The results overnight indicate that the U.S. consumer is now much more focused on the staples element of shopping where we’ve got double-digit food inflation coming through in some of these retailers,” said Nicola Morgan-Brownsell, fund manager at Legal & General Investment Management.

Leave a Reply

Your email address will not be published. Required fields are marked *