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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Aug- 2024 -16 August
Retail sales rebound in July as Euros give needed boost
Retail sales increased 0.5% in July after falling 0.9% in June, as retailers saw a welcome boost from Euro 2024 alongside summer discounts encouraging spending, according to the latest figures from the Office for National Statistics (ONS). Non-food stores sales volumes, the total of department, clothing, household, and other non-food…
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15 August
UK economy grows by 0.6% despite June flatline
The UK economy has grown by 0.6% between April and June, in part boosted by the service sector, according to the latest figures from the Office for National Statistics. The second quarter growth follows a GDP rise of 0.7% in the first quarter of the year. Despite this, GDP showed no…
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14 August
Inflation rises to 2.2% due to energy prices
Inflation increased for the first time this year in July, as energy prices fell less than they did a year ago, according to the latest figures from the ONS. Prices rose 2.2% in July, up from 2% the previous month, but came below analysts previous estimates of 2.3%. Although monthly…
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6 August
Retail sales jump 0.5% in July as clothing performance improves
UK Total retail sales increased by 0.5% year on year in July, against a growth of 1.5% in July 2023, amid improved performance from clothing as shoppers enjoyed the summer weather, according to the latest figures from the KPMG-BRC retail sales monitor. This was above the three-month average growth of…
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1 August
BoE cuts interest rates for first time in 4 years
The Bank of England (BoE) has cut interest rates for the first time in four years, with the rate falling to 5%. The bank voted by a majority of 5–4 to reduce the rate by 0.25 percentage points to 5%, marking the first fall in inflation since March 2020, where…
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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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