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- 2023 -16 August
Inflation falls for second consecutive month to 6.8%
Inflation fell for the second consecutive month in July to 6.8%, down from 7.9% in June, as the energy price cap and the slowing of food costs helped drive down prices. According to the latest figures from the Office for National Statistics, the easing in the annual inflation rates in…
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11 August
UK economy grows by 0.2% in Q2
The UK economy has grown faster than expected in the three months to June, new figures from the Office for National Statistics (ONS) show. According to the ONS, GDP rose by 0.2% in the second quarter of the year, up from a growth of 0.1% in the first quarter. In…
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4 August
Retail sector accounted for 16% of UK administrations in 2023, study finds
The retail sector accounted for 16% of administrations in the first six months of 2023 – the highest industry in the UK, according to analysis by full-service law firm Shakespeare Martineau. A total of 759 businesses, 118 of which came from the retail sector, filed for administration between 1 January…
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3 August
BoE raises interest rates to 5.25%
The Bank of England (BoE) has raised interest rates for the 14th consecutive time to 5.25% in a bid to combat inflation. The bank’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. At its meeting ending on 2 August 2023, the MPC voted by a…
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1 August
Falling inflation may be halted as Russia pulls out of grain deal, BRC warns
The British Retail Consortium (BRC) has warned that falling inflation is likely to slow after Russia withdrew from the Black Sea Grain Initiative despite seeing annual shop price inflation drop to 7.6% in July. This figure is down from 8.4% in June and represents the lowest inflation figure in 2023…
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Jul- 2023 -21 July
Hot weather boosts June retail sales
June retail sales beat forecasts in June, rising 0.7% compared with predictions of 0.2%, as hot weather helped encourage shoppers. According to the latest data from the Office for National Statistics (ONS), non-food stores sales volumes rose by 1.0% in June 2023, following a fall of 0.5% in May 2023…
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21 July
Consumer confidence falls in July
Consumer confidence index dropped six points in July to -30 as “reality bites” resilient consumers amid rising inflation and interest rates, according to GfK’s long-running survey. The survey revealed that all five measures were down in comparison to last month’s announcement. The index measuring changes in personal finances during the…
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19 July
Profit warnings from FTSE retailers fall in H1
FTSE retailers have issued only 10 profit warnings for the first half of 2023, marking a fall from the 16 warnings issued during the same period in 2022, according to EY-Parthenon’s latest profit warnings report. Nonetheless, more than a fifth of companies in the ‘three warning danger zone’ came from…
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19 July
Inflation falls faster than expected in June
The rate of price rises has fallen to 7.9% in June, down from 8.7% in May, according to the latest Consumer Prices Index (CPI) from the Office for National Statistics (ONS). On a monthly basis, the CPI rose by 0.1% in June 2023, compared with a rise of 0.8% in…
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13 July
UK economy shrinks in May
The UK economy contracted by 0.1% in May as output was negatively affected by the King’s coronation, according to the latest statistics from the Office for National Statistics (ONS). On a three month basis GDP has shown no growth, however, monthly GDP is now estimated to be 0.2% above its…
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