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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May- 2024 -24 May
Retail sales slump 2.3% in April amid wet weather
Retail sales fell by 2.3% in volume over April, following a fall of 0.2% in March, as the retail sector was hampered by ongoing wet weather over the period. According to the Office for National Statistics (ONS), sales volumes were down across most sectors, with non-food stores particularly “doing badly” as…
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10 May
UK economy exits recession as GDP jumps 0.6% in Q1
The UK economy is no longer in recession after it grew by 0.6% between January and March this year, according to official figures from the Office for National Statistics (ONS). The performance beat economist expectations of 0.4% growth. A recession, which is defined as two consecutive three-month periods where the…
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Apr- 2024 -30 April
Shop Price annual inflation falls to 0.8% in April
Shop Price annual inflation eased to 0.8% in April, down from 1.3% in March, as it starts to show “signs of normalising”, according to the latest figures from the BRC-Nielsen Index. Non-Food entered deflation at -0.6% in April, down from 0.2% in the preceding month. This is below the three-month…
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26 April
Consumer confidence hits three-month high in April
Consumer confidence has risen from -21 to -19 in April, marking the first improvement in three months, GfK has reported. As consumer confidence across the UK has come above the -20 forecast, it also marks an improvement on the prior year, when the overall index score stood at -30. According…
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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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