Inflation news and archive

Fashion industry faces turmoil as U.S. tariffs bite

The “Liberation Day” tariffs announced by the U.S. administration on Wednesday has sent shockwaves through global industries and financial markets. It precipitated steep stock market declines and raising fears of an escalating international trade war. The U.S. dollar has similarly taken a hit, falling 1.6 percent amid heightened uncertainty....

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BRC: Festive period benefited from lower inflation but price pressures on the horizon

New figures from the British Retail Consortium (BRC) and NielsenIQ showed that over the course of December, shoppers benefited from lower inflation. Yet, price pressures are anticipated for the coming year. Over the period December 1 to 7, 2024, shop price deflation was at 1 percent, up from deflation of 0.6 percent in the month prior. This came...

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UK sees highest inflation rates since March, clothing drives up figures

New figures from the Office for National Statistics (ONS) have revealed an increase in inflation once again. According to the data, the Consumer Prices Index (CPI) rose by 2.6 percent in the 12 months to November 2024, increasing from 2.3 percent in the 12 months to October. On a monthly basis, meanwhile, CPI rose 0.1 percent for the month,...

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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...

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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...

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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...

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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...

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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...

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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...

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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),...