Inflation news and archive

Bank of England maintains interest rate at 5 percent

The Bank of England has placed the UK’s interest rate on hold at 5 percent after it was reported that inflation rates stayed at 2.2 percent in August, above the bank’s 2 percent target. The widely-expected decision was made following a meeting by the Monetary Policy Committee (MPC), who voted by a majority of eight to one to maintain the current...

Retail

UK shop prices enter deflation for first time since 2021

In a significant shift for the UK retail sector, shop prices have entered deflation for the first time in almost three years, according to the latest data from the British Retail Consortium (BRC). The Shop Price Index for August 2024 showed a 0.3 percent decline, reversing the 0.2 percent inflation recorded n July. This unexpected turn towards...

Business

UK inflation edges up in July for first time this year

After a promising few months of falling inflation in the UK, it appears that such an outcome wasn’t able to extend into July 2024, with headline inflation once again rising to 2.2 percent. This is according to the latest CPI figures, collected by the Office of National Statistics (ONS), which showed that, despite food inflation remaining...

Business

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...