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5 Things You Need To Know, Today, on Wednesday 28th September 2022
5. Royal Mail workers are to hold 19 days of strike action over pay and terms and conditions during the peak postal build-up to Christmas.
The Communication Workers Union (CWU) said the strikes will cover Black Friday and Cyber Monday.
4. Apple Inc is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize.
The company told suppliers to curtail efforts to increase assembly of its flagship iPhone 14 product family by as many as 6 million units in the second half of this year, Bloomberg reported.
3. The climb in prices charged by shops and supermarkets in Britain accelerated again in the 12 months to September, hitting its highest since records began in 2005.
Prices rose by 5.7%, speeding up from 5.1% in the 12 months to August, led by an unprecedented 10.6% jump in food prices as the war in Ukraine inflated the costs of animal feed, fertiliser and vegetable oil, the British Retail Consortium said.
2. The Bank of England has hinted it is prepared to ramp up interest rates in response to the recent slump in the value of the pound.
Its chief economist said the Bank will have to deliver a "significant monetary policy response" to protect sterling.
1. The International Monetary Fund has openly criticised the UK government over its plan for tax cuts, warning that the measures are likely to fuel the cost-of-living crisis.
In an unusually outspoken statement, the IMF said the proposal would be likely to increase inequality and add to pressures pushing up prices.