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- 2022 -18 May
Inflation hits 40-year high
UK inflation has hit its highest level in 40 years during the month of April, driven by the rising cost of energy bills. The figure, according to the latest figures from the Office of National Statistics (ONS), was up from 7% in March. The ONS said that around 75% of…
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13 May
John Lewis chair Sharon White calls for cost of living aid package
Chair of the John Lewis Partnership, Dame Sharon White, has urged the government to issue a new aid package to help support consumers through the cost of living crisis on the same scale as Covid relief. Speaking on the Peston Show on ITV, White said “the time has absolutely come”…
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12 May
UK economy shrinks in March
The UK economy shrunk by 0.1% in March as consumers started to feel the bite of rising energy prices and the cost of living. The latest figures also come after a period of no growth in February. During the period, services fell by 0.2% on the month and was the…
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11 May
Rising cost of living dents April retail sales
Retail sales decreased by 0.3% in April compared with the year prior, marking the first decline in 15 months as the rising cost of living starts to affect shoppers’ spending habits. According to the latest data from the British Retail Consortium (BRC) and KPMG’s retail sales monitor covering the four…
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10 May
Cost of living crisis begins to hamper consumer spending
Spending on essential items dropped to 18.1% in April, compared to 17.4% in March, as inflation and rising living costs are starting to impact the retail sector. Research from Barclaycard found this was largely due to spending on fuel falling from a record 26.1% increase last month to 23% in…
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5 May
Consumers must brace for further price rises, BRC warns
The British Retail Consortium has warned that consumers can expect further rising prices as inflation continues to accelerate in the UK. It found that Shop Price annual inflation accelerated to 2.7% in April, up from 2.1% in March, which was above the 12- and six-month average price increases of 0.4%…
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Apr- 2022 -22 April
Consumer confidence in freefall, says GfK
UK consumer confidence was in “freefall” during April according to the longstanding GfK Consumer Confidence Index. Its index decreased seven points to -38 in April, with all five measures down in comparison to the 25 March announcement. The index measuring changes in personal finances over the last 12 months decreased…
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22 April
Retail sales tumble amid cost of living crisis
Retail sales fell by 1.4% last month as consumers reduced their spending amid the cost of living crisis. This marked a much steeper decline than the fall of 0.5% reported in February 2022, revised from a previous fall of 0.3%. According to the Office for National Statistics (ONS), the biggest…
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13 April
UK inflation hits 7% amid rising fuel costs
The annual rate of inflation has hit a new 30-year record with a rise of 7% in the 12 months to March 2022, up from 6.2% in February, with rising prices for motor fuels resulting in the largest upward contribution to the monthly rate. According to the Office for National…
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11 April
UK economic growth slows in February to 0.1%
Gross domestic product (GDP) slowed in the UK as the economy only saw 0.1% growth in February, down from a growth rate of 0.8% in January. According to the Office for National Statistics (ONS), services grew by 0.2% and was the main contributor to February’s growth in GDP, although this…
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