Economy
The latest news, updates and analysis on the economy and how it is affecting the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Jul- 2024 -30 July
Shop price inflation remains unchanged in July
Shop Price annual inflation remained unchanged at 0.2% in July but economic uncertainty could lead to future rises, the British Retail Consortium (BRC) has warned. The BRC-NielsonIQ Shop Price found Non-Food items remained in deflation at -0.9% in July, up from -1.0% in the preceding month. This is in line…
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17 July
Inflation holds steady in June despite rise in hotel prices
Inflation remained steady at 2% in June despite a strong rise in hotel prices during the month, according to the latest figures from the Office for National Statistics (ONS). It comes as prices for restaurants and hotels rose by 0.9% between May and June this year, compared with a lower…
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11 July
UK economy beats expectations as GDP jumps 0.4%
UK gross domestic product (GDP) beat expectations in May, increasing 0.4%, as a result of better weather, according to data from the Office for National Statistics (ONS). An unseasonably wet April dented consumer sentiment and hurt construction leading to the slight increase. Construction grew at the fastest rate in almost…
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2 July
Shop price inflation eases to 0.2% in June
Shop price annual inflation eased to 0.2% in June, down from 0.6% in May, the lowest rate of price growth since October 2021. According to the BRC and NielsenIQ shop price index, this figure is below the 3-month average rate of 0.5%. Non-food fell 1% in June, down from 0.8%…
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Jun- 2024 -21 June
BoE decision a ‘blow for Gen Z spending’, says RSM UK
The economic impact of high interest rates is set to hit Gen Z spending for the next 12 months, “prolonging the challenge for retailers and hospitality businesses as discretionary spend gets squeezed”, according to accountancy firm RSM. A survey of 2,000 consumers conducted on behalf of RSM UK shows Gen…
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21 June
UK retail sales jump 2.9% in May
UK retail sales volumes rose by 2.9% in May 2024, following a fall of 1.8% in April 2024, according to the Office for National Statistics (ONS). Sales volumes rose across most sectors, with clothing retailers and furniture stores rebounding following poor weather in April. More broadly, sales volumes rose by…
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20 June
BoE holds interest rates for 7th consecutive month
Interest rates have remained unchanged at 5.25% for the seventh consecutive month, the Bank of England has announced. The bank’s MPC voted by a majority of 7–2 to maintain the rate, despite inflation hitting its target and falling to 2% in May. UK inflation hit its target for the first time…
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19 June
Inflation hits 2% target for first time in three years
UK inflation has hit its target for the first time in almost three years, as consumer price inflation eased to 2% in the year to May, down from a rise of 2.3% the prior month. The Bank of England last hit the 2% target in July 2021. According to the Office…
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17 June
Peak international spending returns to pre-pandemic levels, ONS finds
Spending by international visitors in August, the traditional UK high season, has largely recovered since the Covid-19 pandemic, according to the latest figures from the Office for National Statistics (ONS) and Visa. The ONS found that places in the UK with the highest concentration of seasonal spend by international tourists…
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12 June
Economy stalls in April due to wet weather
The UK economy stalled in April showing no growth as wet weather dampened consumer spending, according to the latest figures from the Office for National Statistics. Monthly real gross domestic product (GDP) is estimated to have shown no growth in April 2024, following growth of 0.4% in March 2024. It…
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