Latest / Best of Business / Greg Smith: Devon Funds Management Head of Retail on food inflation easing to lowest level in five years

Transcript

Greg Smith: Devon Funds Management Head of Retail on food inflation easing to lowest level in five years · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talks be follow
• 0:12
  Speaker 1: this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: From Devin Funds Management at Greg Smith is with us
• 0:19
  Speaker 2: this Monday morning, Morning.
• 0:20
  Speaker 3: Mate, Morning Mike.
• 0:21
  Speaker 2: Now, food inflation. I like those numbers. It's almost like
• 0:24
  Speaker 2: at used to be exactly.
• 0:26
  Speaker 3: We'll got some good news. So if that's usually reported
• 0:28
  Speaker 3: that food prices increase justo point two percent in the
• 0:31
  Speaker 3: twelve months to May, that's actually the smallest increase in
• 0:34
  Speaker 3: ten twenty eight. And see quite right, that increases a
• 0:37
  Speaker 3: quarter of that scene in April due to cheaper prices
• 0:39
  Speaker 3: to fruit and vengies of down eleven percent. Meat, poultry,
• 0:43
  Speaker 3: fish actually recorded there an annual decrease the first time
• 0:46
  Speaker 3: in over three years. And may have a groups of
• 0:49
  Speaker 3: high in price but just less so restaurant meals and
• 0:51
  Speaker 3: ready to eat food prices almost five percent that are still
• 0:54
  Speaker 3: pretty high, but growthy prices are coming down increases just
• 0:57
  Speaker 3: one point three percent. Good news for cheese lovers, Mike,
• 1:00
  Speaker 3: prices are at five year low. So you get it
• 1:02
  Speaker 3: one kg block for just over ten bucks down to
• 1:05
  Speaker 3: thirteen bucks sixteen May twenty three. A monthly basis most
• 1:09
  Speaker 3: items have also fallen. Opal food prices down point two
• 1:13
  Speaker 3: percent in May on April, cheaper yogurt, potato crisps that
• 1:17
  Speaker 3: I've drive, grocery prices and also fruit and veggies. We've
• 1:20
  Speaker 3: got lave prices of mandarins, potatoes and apples. And it's
• 1:23
  Speaker 3: not only food prices that are coming down, Mike, Petrol
• 1:26
  Speaker 3: prices they also fell in makes that petro and diesel
• 1:28
  Speaker 3: we both down around three percent. Stillet, before we get
• 1:31
  Speaker 3: too happy, they ever still when they were a year ago,
• 1:34
  Speaker 3: and Petron diesels fifty percent more expensive than free covid
• 1:39
  Speaker 3: or these with eight percent works in petrols fifty percent more.
• 1:41
  Speaker 3: But no, only ass good news and inflation, Mike and
• 1:44
  Speaker 3: and Easy have cost of living pressures, something that the
• 1:46
  Speaker 3: Advent did should pay attention to. We'll see about that
• 1:49
  Speaker 3: and maybe do get that rate coun in a few
• 1:50
  Speaker 3: monuths time.
• 1:51
  Speaker 2: Of all this talk about Taylor Swift, I've heard the
• 1:54
  Speaker 2: fact that it could have such an impact that the
• 1:57
  Speaker 2: Bank of England might delight is the most astonishing thing
• 2:01
  Speaker 2: I've heard yet.
• 2:03
  Speaker 3: Oh I did see amazing and that so yeah, we're
• 2:05
  Speaker 3: talking swift flation here. Good news in inflationary potential setback
• 2:09
  Speaker 3: in the UK, so they've been even to meets this week.
• 2:12
  Speaker 3: No change is expected, but there's been speculation about whether
• 2:15
  Speaker 3: her area's tour was actually going to push out the
• 2:17
  Speaker 3: timeline for September. Raker so she's hitting in London August,
• 2:21
  Speaker 3: but she's always been already been elsewhere hotels, flights, restaurants
• 2:25
  Speaker 3: seeing a spike and spinning around her performances. Edinburgh, where
• 2:28
  Speaker 3: she began this league earlier this month, said that the
• 2:31
  Speaker 3: concert edit up to around eighty million pounds and spending.
• 2:35
  Speaker 3: Now Barclays they've got their Swifflation report out. They say
• 2:40
  Speaker 3: the UK talk down and estimated one billion sterling to
• 2:43
  Speaker 3: the British economy at one point two million fans are
• 2:46
  Speaker 3: spending like it's going out of fashion. Fifteen tour days
• 2:49
  Speaker 3: are spending around eight hundred and fifty quid all that's
• 2:51
  Speaker 3: about two thousand Kiwi dollars each on various themes including
• 2:56
  Speaker 3: merch for the combination and the like. And it shows
• 2:59
  Speaker 3: that the spending on her tour ticket holders is more
• 3:03
  Speaker 3: than twelve times there which costs the UK night out.
• 3:06
  Speaker 3: And then when the actually brought out the tickets last year,
• 3:08
  Speaker 3: it actually caused a sixteen percent year on year increase
• 3:11
  Speaker 3: in the UK spending. So the swift these are out
• 3:14
  Speaker 3: in force the bank than they were asked for a comment,
• 3:16
  Speaker 3: they said they look at a range of indicators, not
• 3:18
  Speaker 3: just what Taylor Swift's doing, but hey, what I just
• 3:21
  Speaker 3: thought about it. What legions of Swifties were upset? She
• 3:23
  Speaker 3: didn't come here. At least it's one complication. The up
• 3:25
  Speaker 3: n Z didn't have to worry about it.
• 3:27
  Speaker 2: That's true. And then we got some good news from Adobe.
• 3:29
  Speaker 3: Yes, this is our a US earning So Adobe facialp
• 3:32
  Speaker 3: maker these years sawed fifteen percent on Friday, that was
• 3:35
  Speaker 3: the biggest one day early since March twenty twenty. No
• 3:38
  Speaker 3: prizes for using the key driver, Mike, Yes, that's right.
• 3:40
  Speaker 3: It's AI revenues up ten percent from a year earlier
• 3:44
  Speaker 3: to five point three billions for the quarter. They've got
• 3:47
  Speaker 3: their Firefly AI functionality that's going pretty well. They've got
• 3:50
  Speaker 3: a dozen new genitor of AI tools. They're going to
• 3:52
  Speaker 3: partnership Microsoft. That's providing a bit of a boost. They
• 3:55
  Speaker 3: lifted four year guides to twenty one point four to
• 3:57
  Speaker 3: twenty point five billion, and yeah, no signs will slow
• 4:01
  Speaker 3: down there and it's actually a bit of a contrast
• 4:02
  Speaker 3: to what we've seen saw from likes of salesforces. She
• 4:04
  Speaker 3: has plunged on weekend and expected results year and positive
• 4:08
  Speaker 3: news last week. No Adobe, but also Oracle was high
• 4:11
  Speaker 3: on its results. Ship rice up for Adobe still down
• 4:14
  Speaker 3: around at twelve percent for the year.
• 4:16
  Speaker 2: Right other numbers please, So the S and.
• 4:19
  Speaker 3: P five hundred was pretty flat on Friday five four
• 4:21
  Speaker 3: three one that now I was on point one five
• 4:23
  Speaker 3: percent thirty eight five eight nine, Naars Deck up point
• 4:26
  Speaker 3: one percent seventeen six eight eight. There is a record
• 4:29
  Speaker 3: closed video that was up almost two percent. So yeah
• 4:33
  Speaker 3: that aidal and continue to leave things there. Foot Sea
• 4:36
  Speaker 3: down point two percent, Nicky up point two percent. Thank
• 4:38
  Speaker 3: of Japan held rates A six two hundred down point
• 4:41
  Speaker 3: three percent. In the fifty we were fairly flat down
• 4:44
  Speaker 3: seven points eleven eight six five. Gold up twenty nine
• 4:46
  Speaker 3: dollars two thousand, three hundred and thirty three ounce oil
• 4:50
  Speaker 3: down seventeen cent seventy eight spot forty five years for
• 4:53
  Speaker 3: WTI Currency Market's key we week of across the board
• 4:56
  Speaker 3: with sixty one point four against the US, ninety two
• 4:58
  Speaker 3: point eight against Ozzie forty eight point nine against Stirling.
• 5:02
  Speaker 3: This week we've got the Benk of England. As mentioned,
• 5:03
  Speaker 3: we go the RBA as well as also be on
• 5:05
  Speaker 3: hold and back to us March gd Lingers. Are we
• 5:10
  Speaker 3: going to be at receition? Looks like a bit of
• 5:11
  Speaker 3: a coin toss by the way, many are doing it.
• 5:13
  Speaker 2: Tough catch up, so appreciate it very much. Greg Smith,
• 5:16
  Speaker 2: Devin Funds Management.
• 5:18
  Speaker 1: For more from News Talks ed B, listen live on
• 5:20
  Speaker 1: air or online, and keep our shows with you wherever
• 5:23
  Speaker 1: you go with our podcasts on iHeartRadio