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Retail

Five retail leaders respond to ONS August sales data

UK retail sales showed unexpected strength in August, driven by warmer weather and end-of-season discounts, according to the latest figures from the Office for National Statistics. The data revealed a 2.4 percent increase in sales by value and a 2.3 percent rise by volume, according to the British Retail Consortium (BRC), surpassing economists'...

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Business

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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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...

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Retail

UK retail sales rise in May, clothing retailers welcome rebound

One day on from the report that inflation had finally hit Bank of England’s target, dropping to 2 percent, there appears to be more good news on the horizon for UK retailers. New figures by the Office for National Statistics (ONS) have shown that retail sales volumes rose by 2.9 percent in May following a slight 1.8 percent drop in April....

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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...

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Business

UK economy doesn’t budge for April

New data by the Office of National Statistics (ONS) has reported that the monthly real gross domestic product (GDP) in the UK showed no growth for the month of April, despite seeing a subtle 0.4 percent increase in March. Real GDP, meanwhile, was estimated to have grown 0.7 percent in the three months to April 2024, compared with the three...

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Retail

Retail sales drop in April as wet weather impacts footfall

Retail sales in the UK took a slight hit in April, dropping 2.3 percent over the period as poor weather impacted footfall. According to figures from the Office of National Statistics (ONS), sales volumes fell across most sectors, including clothing, dropping below the previous figure of a 0.2 percent decline in March. Non-food stores saw their...

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Retail

March consumer confidence remains unchanged

Consumer confidence in March has remained steady despite a more optimistic outlook on personal finances. The GfK Consumer Confidence Index has stayed at -21, with a slight increase in expectations for the general economic situation over the next year and a notable rise in forecasts for personal finances, reported the Retail Bulletin. While...

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Retail

UK retail sees uptick, but challenges remain for retailers

In response to the latest ONS Retail Sales Index figures, which indicated a 5.2 percent increase in sales by value and a 0.7 percent increase by volume, Kris Hamer, Director of Insight at the British Retail Consortium, conveyed optimistic sentiments. Sales volumes witnessed an uptick for the second time in three months, marking a positive shift...

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Retail

UK retail sales take a hit in December

New figures by the Office of National Statistics (ONS) have revealed that retail sales for the month of December 2023 took a 3.2 percent hit, declining from a rise of 1.4 percent in the month prior. The statistics platform noted that the decrease was the “largest monthly fall since January 2021”, at which time pandemic restrictions had impacted...

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Retail

Retail sales fall in October as wet weather dampens spending

New figures by the Office of National Statistics (ONS) have revealed that retail sales fell in October as the wet weather impacted footfall and spending across the country. According to the organisation, retail sales volumes fell 0.3 percent over the month, following a steeper 1.1 percent decrease in September. In the three months to October,...

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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),...

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