Inflation news and archive

UK inflation drops to 2 percent, hitting Bank of England targets

New figures drawn up by the Office for National Statistics (ONS) have shown inflation in the UK fell to 2 percent during May, hitting the Bank of England’s target. According to ONS, the consumer prices index (CPI) rose 2 percent in the 12 months to May 2024, dropping from 2.3 percent in the 12 months to April. Including owner occupiers’ housing...

Business

BRC: UK inflation returns to ‘normal levels’

Inflation in the UK is finally taking a turn for the better, with a new report by the British Retail Consortium (BRC) showing that levels are returning to “normal” as food inflation begins to slow. Shop price annual inflation for the period between May 1 and 7 eased to 0.6 percent, down from 0.8 percent in the month prior. This was also below...

Retail

Retail price inflation declines to lowest point since December 2021

Shop Price annual inflation eased to 1.3 percent in March, down from 2.5 percent in February, new data shows. This is below the 3-month average rate of 2.2 percent. Shop price annual growth is its lowest since December 2021, according to research released by BRC-NielsenIQ. Commenting on the data, Helen Dickinson, Chief Executive of the British...

BusinessFeatured

UK falls into recession, retail industry takes hit

While it is no secret that the past year has proven to be a financially turbulent one for the UK, new data has revealed that the region had in fact fallen into recession during the final three months of last year, as the economy continued to take a hit. According to figures by the Office for National Statistics (ONS), the UK’s gross domestic...

Retail

A Christmas cheer for retailers as inflation falls

UK inflation has fallen more than expected and will boost consumer spending as the cost of fuel and food declines. In response to the latest Consumer Price Index (CPI) inflation figures, which indicate a decrease in headline inflation to 3.9 percent, Helen Dickinson, Chief Executive of the British Retail Consortium, emphasized the impact of...

Retail

Cost of clothing and footwear stable as inflation eases in October

The UK's Consumer Prices Index (CPI) by the Office of National Statistics (ONS) shows inflation dipped in October, including the clothing and footwear sector, where inflation is down to 6.2 percent from the 6.9 percent recorded in the year leading up to September. Helen Dickinson, Chief Executive of the British Retail Consortium (BRC),...

PeopleFeatured

Christmas credit crisis: Brits turn to credit cards to cover holiday shopping

The looming festive season is casting its shadow on British wallets, and it seems like a significant chunk of the population is eyeing credit cards as the magic wand to fund the yuletide splurge. According to a recent study by finder.com, nearly 23 million Brits are contemplating relying on credit to cover the costs of Christmas gifts and other...

Retail

Cautious consumers impact retail sales amid continued inflation

New figures published by the British Retail Consortium (BRC) have found that high inflation is continuing to impact sales across the UK, as cautious consumers pull back on spending ahead of the holiday season. Over the four weeks from October 1 to 28, the region’s total retail sales had increased 2.5 percent, up from the previous year’s 1.6...

RetailFeatured

Online inflation sees biggest YOY fall since March 2022

The Adobe Digital Economy Index has released new data revealing that UK online spending in August reached 9.43 billion pounds, marking a slight year-on-year decrease of 1.3 percent and a 3.5 percent drop compared to July. Brits eagerly embraced a September heatwave with online prices seeing a significant 6.2 percent year-on-year decline, the...

Business

Europe's luxury stocks took a 25 billion dollar hit

Luxury-goods stocks in Europe plummeted this week, losing over 25 billion dollars in market value, reported Bloomberg, primarily due to concerns raised by Richemont Chairman Johann Rupert about inflation impacting regional demand. LVMH, formerly Europe's largest company, saw a 3.6 percent drop in its stock price, reducing its market...

RetailFeatured

Britain loses 6,000 retail outlets in five years amid ‘crippling’ rates

A new report by the British Retail Consortium (BRC) and the Local Data Company (LDC) has revealed that Britain has lost 6,000 retail outlets in the past five years due to “cripping business rates and the impact of covid lockdowns”. The North and Midlands were the most impacted, seeing the highest amount of empty storefronts, while London’s...

Fashion

Brits continue to spend on small luxuries, despite increase in living costs

Despite the cost of living crisis, new data from Idealo, a comparison site, highlights the 'lipstick effect,' where Brits continue to splurge on small luxuries like cosmetics, clothing, and sweet treats for comfort. According to Idealo's study on UK household spending, Brits are annually spending 6.4 billion pounds on cosmetics. However,...