Kate English

I might just add, let's see where does that go to next month.

It's the highest rate that we've had in quite some time.

But there is an element of a base effect to that.

And what I mean is that last September, we saw quite a large monthly decrease in the data that we didn't see this September.

And that increase or effects that annual change that we see this September.

So I suppose for listeners, I would ask them not to panic.

that inflation is rising quite significantly once again.

It could be just a statistical effect in the September data.

Grocery spending or grocery inflation, we're still seeing consistently in that data, is now dipped below that 5% mark, which is good, but it's still inflation of up over 4.6%, which is really, really strong.

And of course, we're all seeing it in our grocery spending every week.

So reported to buy Acero for up to $5.2 billion to gain, I suppose, access to a...

potentially new liver disease drug candidate.

And it's the first major deal by the Danish drug makers new CEO that they've had in place since earlier this year.

I suppose it's one to watch because when we look across that wider M&A market in the third quarter of this year at a global level, we have seen an increase in global M&A activity.

And we're also seeing a bit of movement begin to take place in that European private equity market too.

And why I say it's one to watch is remember, this is all happening in an environment of where we have changing global economic forecasts, which often do create uncertainty and pause decision making.

But we also do have that

decreasing taking place in interest rates.

We've had them at the European level for the last year and we're now finally seeing them at a US side as well.

So is that increasing that level?