UK Offers Cheaper Chocolate, Tickets to the Zoo to Ease Cost of Living Squeeze

Britain’s Prime Minister Keir Starmer visits a children’s activity center in Essex, Britain, Thursday, May 21, 2026. Kin Cheung/Pool via REUTERS
Britain’s Prime Minister Keir Starmer visits a children’s activity center in Essex, Britain, Thursday, May 21, 2026. Kin Cheung/Pool via REUTERS
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UK Offers Cheaper Chocolate, Tickets to the Zoo to Ease Cost of Living Squeeze

Britain’s Prime Minister Keir Starmer visits a children’s activity center in Essex, Britain, Thursday, May 21, 2026. Kin Cheung/Pool via REUTERS
Britain’s Prime Minister Keir Starmer visits a children’s activity center in Essex, Britain, Thursday, May 21, 2026. Kin Cheung/Pool via REUTERS

The British government is offering cheaper chocolate and discounted entry to theme parks as it seeks to ease a cost-of-living squeeze and win back voters.

Treasury chief Rachel Reeves on Thursday announced modest handouts to help alleviate rising costs sparked by the Iran war, including a reduction in import tax on cookies, chocolate and about 100 other supermarket products.

UK inflation fell to 2.8% in April, down from 3.3% in March, but is expected to spike again on the back of higher prices for fuel, heating gas and electricity.

To ease the impact, the government has postponed a planned increase in fuel duty and given truckers a yearlong reprieve from road tax to help offset soaring gasoline prices due to the effective closure of the Strait of Hormuz, a key oil transit route.

But Reeves did not commit to broader support for household heating bills, The Associated Press reported.

She announced measures designed to boost the summertime economy, including free bus travel for children in August. During the summer, tax on tickets for attractions including zoos, theme parks and museums will be slashed from 20% to 5%.

Reeves said she would pay for the cost-of-living support by closing tax loopholes for oil and gas companies with overseas operations.

“This summer I want every family to be able to enjoy themselves,” Reeves said. “As the war in Iran pushes prices up at home, my economic plan is the right one. I will continue to make the right choices, to protect households and businesses, and build a stronger and more secure Britain.”

The announcements came as Prime Minister Keir Starmer tries to keep calm and carry on while rivals in the governing Labour Party seek to oust him after a set of disastrous local election results.

The last two weeks have been devastating for Starmer, who led the party to a landslide victory less than two years ago. Scores of Labour lawmakers have called for him to resign, and he is widely expected to face a leadership challenge. Greater Manchester mayor Andy Burnham is aiming to win a seat in Parliament in a June 18 special election, and then challenge Starmer for the prime minister’s job.

Starmer insists he will not resign and will fight for his job. Under UK political rules, whoever took over from Starmer as party leader would also become prime minister, without the need for a national election.



Gold Set for Weekly Loss as Oil-driven Inflation Fears Boost Rate-hike Bets

A gold bar inside a jewelry shop in the Gold Market on Al-Moez Street in Old Cairo (Reuters)
A gold bar inside a jewelry shop in the Gold Market on Al-Moez Street in Old Cairo (Reuters)
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Gold Set for Weekly Loss as Oil-driven Inflation Fears Boost Rate-hike Bets

A gold bar inside a jewelry shop in the Gold Market on Al-Moez Street in Old Cairo (Reuters)
A gold bar inside a jewelry shop in the Gold Market on Al-Moez Street in Old Cairo (Reuters)

Gold edged lower on Friday and was headed for a second consecutive weekly drop, as elevated oil prices fueled fears of inflation and boosted expectations of a US interest rate hike this year. Spot gold was down 0.4% at $4,523.42 per ounce, as of 1148 GMT. The metal has shed about 0.4% so far in the week. US gold futures for June delivery lost 0.4% to $4,524.30. Brent crude oil prices held above $105 a barrel as investors doubted the prospects of a breakthrough in US-Iran peace talks, even as Iranian media reported that Iran's foreign minister met Pakistan's interior minister on Friday to discuss proposals to end the war.

"Given the current high negative correlation to oil, dollar, and yields, these – especially oil - will set the tone for gold in the upcoming sessions," said Ole Hansen, head of commodity strategy at Saxo Bank. Higher oil prices stoke inflation risks, increasing chances of higher-for-longer interest rates. While gold is traditionally seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal. Markets are now pricing in a Federal Reserve rate hike before year-end, with a 58% chance of at least one 25 basis-point hike by December, according to CME Group's FedWatch tool.

The dollar held near a six-week high, making greenback-priced bullion more expensive for holders of other currencies.

"Technically, the 200-day moving average at $4,372 and the 50-day at $4,667 continue to define the outer boundaries, with gold likely retaining a slight negative bias until the Middle East crisis is resolved," Hansen said. Elsewhere, US President Donald Trump will swear in Kevin Warsh as Fed chair later in the day at the White House, the administration said. Spot silver fell 1% to $75.92 per ounce, platinum lost 1.5% to $1,936.45 and palladium fell 0.8% to $1,367.70. All the metals were on course for weekly losses.


Supply Minister: Egypt Plans Global Grain Hub

A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
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Supply Minister: Egypt Plans Global Grain Hub

A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice

Egypt, the biggest buyer of Russian wheat, aims to create a global grain trading and storage hub, Supply Minister Sherif Farouk said on Friday, speaking at a grains event in the Russian city of Sochi.

Faruk said that Egypt is pursuing an ambitious ⁠and comprehensive strategy to ⁠transform the country into a hub for the storage and processing of grain crops as well as trading grain throughout the Middle East, ⁠Africa, and other regions.

"In this context, Egypt now wants to establish a global hub for grains," Farouk said, adding that the project will include modern elevators, transport systems, and processing and storage facilities.

He said that Egyptian and Russian commodity exchanges could join forces ⁠in ⁠the modernization of Egypt's grain trading infrastructure, developing pricing benchmarks, and ensuring supply chain's transparency.

"Egypt will continue to strengthen its relationship with Russia in developing grain tracking systems. All these efforts will help us improve transparency and resilience in the strategic commodity market," Farouk said.


Morocco's Inflation Rate Rises to 1.7% in April

A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
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Morocco's Inflation Rate Rises to 1.7% in April

A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)
A farmer works in his wheat field in the Sebt Meghchouch region of Morocco, on April 28, 2026. (Photo by Abdel Majid BZIOUAT / AFP)

Morocco's annual inflation rate, measured by the consumer price index, rose to 1.7% in April from 0.9% a month earlier, the statistics agency said on Friday.

Food prices, the main driver of inflation in the country, rose 0.6% ⁠from a year ⁠earlier, while non-food prices increased 2.5%, the agency said in a statement.

Transport prices rose 8.4% following a ⁠surge in fuel prices due to the conflict in the Middle East.

Core inflation, which excludes more volatile goods and government-controlled prices, was down 0.3% year-on-year and up 0.1% month-on-month.

To cushion the impact of ⁠geopolitical ⁠tensions on the domestic market, the government plans to add 20 billion dirhams ($ 2.17 billion) to its 2026 budget, including increased subsidies to keep public transport, cooking gas and electricity prices stable.