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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Jun- 2024 -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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12 June
Euros to boost retail spending, BRC finds
England and Scotland’s involvement in this year’s euros are likely to net retailers a “vital” spending boost, according to polling from the British Retail Consortium. A new poll of 2,000 British shoppers suggests that the country’s love of football will translate into additional purchases. This will come after weak retail…
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4 June
UK retail sales improve by 0.7% in May
UK total retail sales increased by 0.7% year on year in May, against a growth of 3.9% in May 2023. This was above the 3-month average growth of 0.3% and below the 12-month average growth of 2.0%. Food sales increased 3.6% year on year over the three months to May,…
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May- 2024 -29 May
Retail sales recover as inflation slows, CBI finds
Retail sales grew at their fastest pace since December 2022 in the year to May, as sales volumes jumped 8% to -44%, according to the latest CBI Distributive Trades Survey. Furthermore, the CBI said it comes as selling price inflation in the retail sector “eased considerably” in May, from 20%…
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28 May
Shop price inflation returns to ‘normal levels’, BRC finds
Shop price annual inflation eased from 0.8% in April to 0.6% in May, according to the British Retail Consortium’s (BRC) latest shop price index. This has been confirmed to be below the three-month average rate of 0.9%, with the annual shop price growth being at its lowest since November 2021. …
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24 May
Consumer confidence recovers in May
Consumer confidence has continued to recover by a three-point rise to -27 in May, according to GfK’s long-running Consumer Confidence Increase. While all measures were up in comparison to last month’s announcement, the figures remain in the minus. The forecast for personal finances is expected to increase five points to…
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