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The price of tickets for sporting events soared by an astounding 25% in October compared to the same period last year — a consequence of the surging rate of what economists call “funflation.”

Federal data released by the Department of Labor highlighted the booming demand for live, in-person entertainment and experiences such as concerts, dining out in restaurants, and sporting events.

The rate of inflation for sports tickets far outstripped that of groceries (2.1%), electricity (2.4%), cigarettes (7.6%), and rent (7.2%), according to the Bureau of Labor Statistics.

The Consumer Price Index, which gauges the rate of inflation for hundreds of items, rose 3.2% in October — a slight cooling from the inflationary trend that has hamstrung shoppers since the end of the coronavirus pandemic.

The latest inflation figures have given investors hope that the Federal Reserve will pause its hikes of interest rates.

However, cooling inflation hasn’t helped sports fans looking to catch their favorite team.

Analysts said that professional sports leagues slashed ticket prices in 2022 in hopes of luring fans back to arenas and stadiums after a lengthy period during which they were largely confined to their homes in the COVID period.

That would explain the surge in ticket prices this year as Americans settle into a pre-pandemic normalcy.

Economists coined the term “funflation” to describe the phenomenon whereby consumers splurge on discretionary items at a time when prices for necessities such as gas, food, a new car, and rent continue to climb.

Weve seen this through the entire leisure and hospitality sector, Victor Matheson, a professor and sports economist at the College of the Holy Cross, told CNBC.

People are getting back to things that they enjoy doing and are willing to pay a bunch.

Another reason for the spike has been the adoption of dynamic pricing by ticket-selling platforms. Instead of fixed pricing, the sites use a variable scale in which price points are determined based on the demand for the event at that particular time.

Sales of tickets to National Football League and the National Hockey League games doubled this year compared to 2022, according to secondary ticket marketplace StubHub.

National Basketball Association ticket sales rose some 60% at the start of the season compared to last year while college football ticket sales increased 50% this year.

It isn’t just sporting events that are fetching eye-popping sums for tickets.

Pop stars like Taylor Swift and Beyonc are being credited with generating billions of dollars for local businesses during their respective concert tours.

Swift’s Eras Tour, which is currently on its international leg, is believed to be the most lucrative in US history — generating $5 billion in consumer spending.

Swifties are paying through the nose to see the “Shake It Off” crooner — with average ticket prices clocking in at $456.

Swift herself stands to earn an estimated $4.1 billion from the tour alone.

The six shows that Swift performed in Los Angeles generated some $320 million for the county while her Denver concerts brought in $140 million to Colorado’s coffers, according to data reviewed by The Washington Post.

Beyoncs just-completed Renaissance tour is estimated to have generated $4.5 billion in the US, according to The New York Times.

The pop star was blamed for single-handedly fueling higher levels of inflation in Sweden, where fans from around the world flocked to see her show — driving up the prices of food at restaurants as well as hotel rooms.

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Entertainment

MasterChef presenter John Torode sacked

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MasterChef presenter John Torode sacked

MasterChef presenter John Torode will no longer work on the show after an allegation he used an “extremely offensive racist term” was upheld, the BBC has said.

His co-host Gregg Wallace was also sacked last week after claims of inappropriate behaviour.

On Monday, Torode said an allegation he used racist language was upheld in a report into the behaviour of Wallace. The report found more than half of 83 allegations against Wallace were substantiated.

Torode, 59, insisted he had “absolutely no recollection” of the alleged incident involving him and he “did not believe that it happened,” adding “racial language is wholly unacceptable in any environment”.

John Torode and Gregg Wallace in 2008. Pic:PA
Image:
John Torode and Gregg Wallace in 2008. Pic: PA

In a statement on Tuesday, a BBC spokesperson said the allegation “involves an extremely offensive racist term being used in the workplace”.

The claim was “investigated and substantiated by the independent investigation led by the law firm Lewis Silkin”, they added.

“The BBC takes this upheld finding extremely seriously,” the spokesperson said.

“We will not tolerate racist language of any kind… we told Banijay UK, the makers of MasterChef, that action must be taken.

“John Torode’s contract on MasterChef will not be renewed.”

Australian-born Torode started presenting MasterChef alongside Wallace, 60, in 2005.

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Why Gregg Wallace says he ‘will not go quietly’

A statement from Banijay UK said it “takes this matter incredibly seriously” and Lewis Silkin “substantiated an accusation of highly offensive racist language against John Torode which occurred in 2018”.

“This matter has been formally discussed with John Torode by Banijay UK, and whilst we note that John says he does not recall the incident, Lewis Silkin have upheld the very serious complaint,” the TV production company added.

“Banijay UK and the BBC are agreed that we will not renew his contract on MasterChef.”

Read more from Sky News:
BBC reveals highest-earning stars
Men who cut down Sycamore Gap tree locked up
Couple murdered two-year-old grandson

Earlier, as the BBC released its annual report, its director-general Tim Davie addressed MasterChef’s future, saying it can survive as it is “much bigger than individuals”.

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BBC annual report findings

Speaking to BBC News after Torode was sacked, Mr Davie said a decision is yet to be taken over whether an unseen MasterChef series – filmed with both Wallace and Torode last year – will be aired.

“It’s a difficult one because… those amateur chefs gave a lot to take part – it means a lot, it can be an enormous break if you come through the show,” he added.

“I want to just reflect on that with the team and make a decision, and we’ll communicate that in due course.”

Mr Davie refused to say what the “seriously racist term” Torode was alleged to have used but said: “I certainly think we’ve drawn a line in the sand.”

In 2022, Torode was made an MBE in the Queen’s Birthday Honours, for services to food and charity.

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Politics

Programmable regulation is the missing key to DeFi’s legal future

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Programmable regulation is the missing key to DeFi’s legal future

Programmable regulation is the missing key to DeFi’s legal future

Programmable regulation could be the solution to legacy regulatory frameworks struggling to keep pace with DeFi’s rapidly evolving ecosystems. Embedding compliance in code can bring legal clarity, reduce risk and foster innovation in DeFi.

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UK

MasterChef presenter John Torode sacked

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MasterChef presenter John Torode sacked

MasterChef presenter John Torode will no longer work on the show after an allegation he used an “extremely offensive racist term” was upheld, the BBC has said.

His co-host Gregg Wallace was also sacked last week after claims of inappropriate behaviour.

On Monday, Torode said an allegation he used racist language was upheld in a report into the behaviour of Wallace. The report found more than half of 83 allegations against Wallace were substantiated.

Torode, 59, insisted he had “absolutely no recollection” of the alleged incident involving him and he “did not believe that it happened,” adding “racial language is wholly unacceptable in any environment”.

John Torode and Gregg Wallace in 2008. Pic:PA
Image:
John Torode and Gregg Wallace in 2008. Pic: PA

In a statement on Tuesday, a BBC spokesperson said the allegation “involves an extremely offensive racist term being used in the workplace”.

The claim was “investigated and substantiated by the independent investigation led by the law firm Lewis Silkin”, they added.

“The BBC takes this upheld finding extremely seriously,” the spokesperson said.

“We will not tolerate racist language of any kind… we told Banijay UK, the makers of MasterChef, that action must be taken.

“John Torode’s contract on MasterChef will not be renewed.”

Australian-born Torode started presenting MasterChef alongside Wallace, 60, in 2005.

Please use Chrome browser for a more accessible video player

Why Gregg Wallace says he ‘will not go quietly’

A statement from Banijay UK said it “takes this matter incredibly seriously” and Lewis Silkin “substantiated an accusation of highly offensive racist language against John Torode which occurred in 2018”.

“This matter has been formally discussed with John Torode by Banijay UK, and whilst we note that John says he does not recall the incident, Lewis Silkin have upheld the very serious complaint,” the TV production company added.

“Banijay UK and the BBC are agreed that we will not renew his contract on MasterChef.”

Read more from Sky News:
BBC reveals highest-earning stars
Men who cut down Sycamore Gap tree locked up
Couple murdered two-year-old grandson

Earlier, as the BBC released its annual report, its director-general Tim Davie addressed MasterChef’s future, saying it can survive as it is “much bigger than individuals”.

Please use Chrome browser for a more accessible video player

BBC annual report findings

Speaking to BBC News after Torode was sacked, Mr Davie said a decision is yet to be taken over whether an unseen MasterChef series – filmed with both Wallace and Torode last year – will be aired.

“It’s a difficult one because… those amateur chefs gave a lot to take part – it means a lot, it can be an enormous break if you come through the show,” he added.

“I want to just reflect on that with the team and make a decision, and we’ll communicate that in due course.”

Mr Davie refused to say what the “seriously racist term” Torode was alleged to have used but said: “I certainly think we’ve drawn a line in the sand.”

In 2022, Torode was made an MBE in the Queen’s Birthday Honours, for services to food and charity.

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