Bad news on inflation from Marks & Spencer

Investors are getting used to hearing good news from Marks & Spencer. But chief executive Stuart Rose's comments on shop price inflation should have the Bank of England worried...

Investors are starting to get used to hearing good news from revitalised high street stalwart Marks & Spencer.

Yesterday was no exception. The company saw like-for-like sales (that is, sales at stores open for more than a year) rise 8.2% in the 13 weeks to July 1.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.