Have the same access to the profit structures of our branded suppliers, but we do challenge them as hard as we possibly can. ok, so let s start with the raw ingredients. take wheat, for example. before the pandemic, about four years ago, a bushel of wheat was trading on the market at $4.70. that spiked when russia invaded ukraine one year ago. the same amount of wheat went up to almost 13 bucks a bushel. but at the end of march this year, it was sitting at around $7, much less than the peak, but still 47% higher than before the pandemic. it s a similar story with cooking oil. before the pandemic, a pound of soybean oil was trading at around $0.29. after the war began, that shot up to nearly $0.76, so more than doubled. and now it s settled somewhere in between at around $0.55 a pound. still, 90% more than before the pandemic.
And, you know, we don t have the same access to the profit structures of our branded suppliers, but we do challenge them as hard as we possibly can. ok, so let s start with the raw ingredients. take wheat, for example. before the pandemic, about four years ago, a bushel of wheat was trading on the market at $4.70. that spiked when russia invaded ukraine one year ago. the same amount of wheat went up to almost 13 bucks a bushel. but at the end of march this year, it was sitting at around $7, much less than the peak, but still 47% higher than before the pandemic. it s a similar story with cooking oil. before the pandemic, a pound of soybean oil was trading at around $0.29. after the war began, that shot up to nearly $0.76, so more than doubled. and now it s settled somewhere in between at around $0.55 a pound. still, 90% more than before the pandemic. much of those costs follow the same
So more than doubled. and now it s settled somewhere in between at around $0.55 a pound. still, 90% more than before the pandemic. much of those costs follow the same pattern as energy prices. oil prices they were coming down, but they shot up again in the last week or so after the oil producing cartel, 0pec, along with its partner russia announced that they would cut just how much oil they sell, causing prices to head higher once again. so, where are the prices of these essentials heading right now? well, to find out, i caught up with one expert whose predictions over the last few years have been pretty accurate, to say the least. kona lasker haque, it s always a pleasure having you on the show. kona, you and i have spoken over, over many years about the direction of commodities, and i m going to be frank here, you ve always been ahead of the curve. so, what, ifanything, can the commodity markets tell us right now about the direction of prices going forward?
Ok, so let s start with the raw ingredients. take wheat, for example. before the pandemic, about four years ago, a bushel of wheat was trading on the market at $4.70. that spiked when russia invaded ukraine one year ago. the same amount of wheat went up to almost 13 bucks a bushel. but at the end of march this year, it was sitting at around $7, much less than the peak, but still 47% higher than before the pandemic. it s a similar story with cooking oil. before the pandemic, a pound of soybean oil was trading at around $0.29. after the war began, that shot up to nearly $0.76, so more than doubled. and now it s settled somewhere in between at around $0.55 a pound. still, 90% more than before the pandemic. much of those costs follow the same pattern as energy prices.
Have the same access to the profit structures of our branded suppliers, but we do challenge them as hard as we possibly can. ok, so let s start with the raw ingredients. take wheat, for example. before the pandemic, about four years ago, a bushel of wheat was trading on the market at $4.70. that spiked when russia invaded ukraine one year ago. the same amount of wheat went up to almost 13 bucks a bushel. but at the end of march this year, it was sitting at around $7, much less than the peak, but still 47% higher than before the pandemic. it s a similar story with cooking oil. before the pandemic, a pound of soybean oil was trading at around $0.29. after the war began, that shot up to nearly $0.76, so more than doubled. and now it s settled somewhere in between at around $0.55 a pound. still, 90% more than before the pandemic. much of those costs follow the same
So more than doubled. and now it s settled somewhere in between at around $0.55 a pound. still, 90% more than before the pandemic. much of those costs follow the same pattern as energy prices. oil prices they were coming down, but they shot up again in the last week or so after the oil producing cartel, 0pec, along with its partner russia announced that they would cut just how much oil they sell, causing prices to head higher once again. so, where are the prices of these essentials heading right now? well, to find out, i caught up with one expert whose predictions over the last few years have been pretty accurate, to say the least. kona lasker haque, it s always a pleasure having you on the show. kona, you and i have spoken over, over many years about the direction of commodities, and i m going to be frank here, you ve always been ahead of the curve, so, what, if anything, can the commodity markets tell us right now about the direction of prices going forward? so, commodity prices have
Of their raw material costs and their operating costs. so we know exactly what s going on there. and, you know, we don t have the same access to the profit structures of our branded suppliers, but we do challenge them as hard as we possibly can. ok, so let s start with the raw ingredients. take wheat, for example. before the pandemic, about four years ago, a bushel of wheat was trading on the market at $4.70. that spiked when russia invaded ukraine one year ago. the same amount of wheat went up to almost 13 bucks a bushel. but at the end of march this year, it was sitting at around $7, much less than the peak, but still 47% higher than before the pandemic. it s a similar story with cooking oil. before the pandemic, a pound of soybean oil was trading at around $0.29. after the war began, that shot up to nearly $0.76, so more than doubled. and now it s settled somewhere in between at around $0.55 a pound. still, 90% more than
Billion and the operating margin was actually 0.55% so for every £1 billion and the operating margin was actually 0.55% so for every e1 of revenue that british gas earned selling gas and electricity to homes and small businesses, it s only earning 0.5 5p of profit. now, if you compare with say the food retail sector, which is also an essential business area, food retailers erred in margins of about 2% so it s something like four times more than centrica and british gas are earning on that business so you really need to reform the sector to allow these businesses to be more profitable so that they can invest in improving the customer experience and to invest in innovations. we see very little innovation in the sector because profits are so low companies simply can t afford to try innovation is the don t work. briefly, should the boss of centrica be taking his bonus, which is worth apparently up to £1.6 million? i
Checked your savings rates for a while or if you are new to saving, now is a really good time because things are so much better than they have been. but things are so much better than they have been. , ., things are so much better than they have been. , ., ., ., have been. but why are banks allowed to hold them have been. but why are banks allowed to hold them savings have been. but why are banks allowed to hold them savings rates have been. but why are banks allowed to hold them savings rates below i have been. but why are banks allowed to hold them savings rates below the l to hold them savings rates below the borrowing rates and below where they will interest rate level is? that borrowing rates and below where they will interest rate level is? will interest rate level is? that is a very good will interest rate level is? that is a very good question will interest rate level is? that is a very good question and - will interest rate level is? that is a very good question and in i will interest rate level is? that is a very good question and in fact. a very good question and in fact treasury select committee will be asking that very question of our high street banks because they are paying some of the worst rates on the market. barclays and santander are paying 0.55% on their easy access account. i was just talking about 2.90% elsewhere and the base rate is 3.5%, perhaps 4%, so paying just over 0.5% easy access savers is just over 0.5% easy access savers is just appalling. it just over 0.5% easy access savers is just appalling- just appalling. if people are thinkin: just appalling. if people are thinking they just appalling. if people are thinking they don t - just appalling. if people are thinking they don t have i just appalling. if people are l thinking they don t have very just appalling. if people are - thinking they don t have very much money to fall back on, is it worth them looking around and having to juggle various accounts and open and close accounts, what would you say, does it really make a difference? it