UK factory output growth jumps; US job openings rise; record low eurozone unemployment – as it happened

Rolling coverage of the latest economic and financial news

• US job openings rise
• UK factory production growth fastest since July 2021
• Eurozone unemployment drops to record low
• Grocery price inflation picked up
• UK house prices rose 0.8% in January
• Experts: market could cool this year
• Bank of England poised to raise interest rates as high inflation takes toll

Prices of savoury snacks, crisps and beef rose the most as grocery inflation increased to 3.8% in the four weeks to January 23, reports Reuters, adding:

Kantar also noted there was evidence of people scrubbing up as work from home directives ended and socialising increased.

It said razor blade sales rose by 14% and spend on deodorant increased by 20% as Britons strived to make themselves presentable.

Like-for-like grocery price inflation, which assumes that shoppers buy exactly the same products this year as they did last year, increased again this month.

Taken over the course of a 12-month period, this 3.8% rise in prices could add an extra 180 to the average household's annual grocery bill.

We're now likely to see shoppers striving to keep costs down by searching for cheaper products and promotions. Supermarkets that can offer the best value stand to win the biggest slice of spend."