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Cost of living crisis? Consumers keep spending for now

Consumer-focused firms are seeing no shortage of demand despite the soaring cost-of-living, prompting several to upgrade sales forecasts for the current year, though questions remain about how long that will last.

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Shops and supermarkets in Britain increased prices by 4.4% in the 12 months to July, the largest rise since these records began in 2005, reflecting a jump in food and transport costs, the British Retail Consortium said on Wednesday. Consumer goods giants Reckitt Benckiser and Danone both lifted sales forecasts on Wednesday along with automaker Mercedes, healthcare firm GSK and sportswear firm Puma.