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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Apr- 2024 -19 April
Retail sales remain flat in March
Retail sales volumes remained flat in March 2024 following an increase of 0.1% the previous month, according to official data by the ONS. Non-food store sales volumes rose by 0.5% over the month, with increased footfall reported by some retailers. This is consistent with the rise in footfall on the…
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17 April
Inflation falls to lowest level since 2021
Inflation slowed to 3.2% in March, down from 3.4% the prior month, as inflation fell to its lowest annual rate since September 2021. According to the Office for National Statistics, food prices were the main reason for the fall, with prices across most categories rising by less against last year. However,…
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12 April
UK economy grows for second month in a row
UK GDP increased slightly for the second month in a row, in another sign the economy is edging out of recession, according to the latest figures from the Office for National Statistics (ONS). Monthly real gross domestic product is estimated to have grown by 0.1% in February 2024, following growth…
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9 April
Easter helps retail sales jump 3.5% in March
UK Total retail sales increased by 3.5% year on year in March, as the early Easter helped boost performance for the month, according to the latest BRC-KPMG Retail Sales Monitor. The increase was above the three-month average growth of 2.1% and the 12-month average growth of 2.9%. It comes as…
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2 April
Shop price inflation falls to lowest level in two years
Shop Price annual inflation eased to 1.3% in March, down from 2.5% in February, marking its lowest level since December 2021. It comes as non-Food inflation fell to 0.2% in March, down from 1.3% in the preceding month. This is below the three-month average rate of 0.9%. Inflation is its…
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Mar- 2024 -25 March
Scottish retailers’ rates bills to rise by £31m, the SRC says
Shops in Scotland will see their annual business rates bills rise by £31m from next week, the Scottish Retail Consortium announced. The change follows the decision in the Scottish Government’s Budget to increase the business rate for firms occupying 22,120 medium-sized and larger commercial premises by 6.7% in 2024-25. This…
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22 March
UK Consumer confidence stagnates in March
UK Consumer confidence has remained flat at -21 in March following a two point drop last month, according to data from GfK. Moreover, the major purchase index fell two points down to -27 but this figure remains six points higher than this time last year. Consumer expectations for the general…
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22 March
Retail sales flatline in rainiest February on record
UK retail sales experienced no growth (0.0%) in February, down from 3.6% in the month prior, as wet weather discouraged store sales, according to the latest figures released by the ONS. While the latest figures were still ahead of expectations for a 0.4% decline, food and fuel sellers felt the…
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20 March
Inflation falls to 3.4%
UK inflation fell to 3.4% in February, down from 4% in January, beating economists expectations of 3.5% as food inflation continued to ease. The largest downward contributions to the monthly change in both CPIH and CPI annual rates came from food, and restaurants and cafes, while the largest upward contributions…
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14 March
Retail sees 14 closures a day as 5,000 stores vanish in 2023
High-profile retail restructuring and administrations have resulted in a net of 14 store closures a day during 2023, according to research from LDC and PwC, meaning that 5,000 fewer shops are currently trading across the country. The research has attributed the high volume of closures to the collapses of high…
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