Economy

UK retail sales rise 1.3% in November

Retail sales volumes are estimated to have increased by 1.3% in November 2023, from no growth (revised from a fall of 0.3%) in October 2023, according to new figures by the ONS. Non-food store sales volumes rose by 2.3% in November 2023, following a 0.2% increase in October 2023. Retailers…

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UK inflation falls to two-year low of 3.9%

UK inflation has fallen to 3.9% in the year to November, the lowest level seen in two years, according to new figures from the Office for National Statistics. The rate of inflation was lower than expected after falling from a rate of 4.6% in October, though the ONS said prices…

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Early signs of footfall recovery ahead of festive trading, BRC finds

The retail sector experienced early signs of footfall recovery in November as total UK footfall decreased by 0.7% in November(YoY), an improvement on -5.7% in October, according to the latest data from the BRC. High Street footfall decreased by 1.7%, an improvement on -4.6% in October, whereas Retail Parks again…

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UK retail sales growth slows by 0.3% in October

Retail sales volumes fell by 0.3% in October 2023, following a fall of 1.1% in September 2023, according to the new figures from the Office for National Statistics (ONS). Automotive fuel sales volumes fell by 2.0% in October 2023, as retailers reported that consumers were spending their money more cautiously,…

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Private labels increase European market share to 34%

Private pet food labels now have a market share of 34% in the six biggest markets in Europe, according to data from Circana. Data collected from France, Italy, Germany, Spain, UK, and Netherlands showed value sales of pet food have grown across Europe by 5.4% over the last four years…

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Retail sales growth slows in July amid heavy rain

The UK’s total retail sales increased by 1.5% in the four weeks to 29 July, against the 2.3% growth experienced in the same month last year. This was below the three-month average growth of 3.5% and the 12-month average growth of 3.9%, according to BRC data. This lacklustre growth in…

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BoE raises interest rates to 5.25%

The Bank of England (BoE) has raised interest rates for the 14th consecutive time to 5.25% in a bid to combat inflation. The bank’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. At its meeting ending on 2 August 2023, the MPC voted by a…

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Ofgem publishes energy reform proposals to help businesses

Energy regulator Ofgem has announced a number of reform proposals to improve the standards of customer service for businesses. The new proposals are a result of a consultation with stakeholders over the non-domestic energy market which found that small businesses do not always get the right customer service. The consultation…

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BoE raises interest rate to 15-year high

The Bank of England (BoE) has raised interest rates for the 13th consecutive time to 5%, the highest level in 15 years, after it was revealed that inflation remained at 8.7% in May. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by…

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BoE raises interest rate for 12th time to 4.5%

The Bank of England (BoE) has raised interest rates for the 12th consecutive time to 4.5%, up from 4.25%. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by 0.25% in a bid to meet the 2% inflation target. The committee said it…

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