CNN —

As prices surge and the U.K. economy struggles more than most of its peers, Starbucks is reportedly looking for an exit.

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The company is engaged with advisers to determine whether it could — or should — sell its business in the United Kingdom, according to U.K. newspaper The Times.

Asked for comment, Starbucks shared with CNN Business an email it sent its U.K. staff over the weekend denying the company is engaged in a "formal sale process" and asserting its desire to remain in the region.

The report comes at a time that the U.K. economy is in tough shape, making it difficult for businesses to operate and for residents to make ends meet. U.K. inflation hit 9.1% in May — a 40-year high and the highest rate among the leading G7 economies. And there's no relief in sight: Inflation is forecast to climb above 11% later this year.

Food prices in particular have been soaring, creating a cost of living crisis for many in the U.K. Disposable incomes are on track for the second biggest fall since record keeping began in 1964, according to the Bank of England.

Prospects are bleak for the entire U.K. economy, according to a report on financial stability published earlier this month from the Bank of England, which said the outlook for the country's economy had "deteriorated materially." The Paris-based Organization for Economic Cooperation and Development forecast in June that the U.K. economy was heading to stagnation, with zero GDP growth forecast for 2023.

That's a downbeat environment for businesses, especially those still recovering from the difficult pandemic years.

For Starbucks, coffee sales were hit when customers began working from home. As employees start making their way back to offices, the trend has turned around. Starbucks' U.K. sales improved significantly in the quarter ended April 3, Michael Conway, group president of international and channel development, said during a May analyst call.

"Traffic continues to come into Central London metro areas, and we are increasing drive-throughs in that market at a significant rate," he said.

Starbucks had about 300 company-operated stores and roughly another 800 licensed locations in the United Kingdom as of October 2021. The coffee chain launched operations in the U.K. in 1998.

An Iowa boy is using his artwork to raise awareness and money for St. Jude Children's Research Hospital. Arsh Pal started painting when he was 8 years old, and his work has taken off since then. He started selling his canvas paintings and donating all of the proceeds to St. Jude — he said he wants to help kids with cancer."Originally, my first goal was raising $1,000 for St. Jude Research Hospital and everybody kind of doubted me because I was so young, but when I did raise $1,000 everybody was surprised," the 12-year-old from Dubuque said.Related video: President Biden lays out plan to cut cancer deaths in half within next 25 yearsOver the past four years, Pal has raised more than $15,000. He was also honored with the Diana Award for his efforts.

2020 was a record-breaking year for home sales, and a major indicator of this pandemic surge in housing was the speed in which many homes were sold.

And so far in 2021, indications show sales are off to an even stronger start. According to Redfin, 55% of homes were in contract within two weeks of listing for the week ending Jan. 24.

Redfin says last week set the highest percentage since 2012, when it began recording such data.

By comparison, the same week in 2020 had 35% of homes in contract within two weeks. For the year 2020 as a whole, 43% of homes were within contract within two weeks.

That’s because, according to Redfin, home sales are up 30% from this time a year ago. Also, supply of homes has dropped significantly, leading to an increase in housing prices.

"Buyers are incredibly hungry for listings, but unfortunately there isn't much to choose from, and that scarcity is making buyers all the more frenzied," said Redfin chief economist Daryl Fairweather. "As a result, the majority of the homes that hit the market are getting multiple offers right away. Not only do you have to be fast to win a home, you have to be prepared and resourceful. I recommend that buyers on a tight budget target homes that are priced 5 to 10 percent below their maximum price so they have room to increase their offer in a bidding war."