Inflation
This coverage explores how inflation impacts the UK petcare industry, from rising supply chain costs to shifts in consumer spending. Pet Gazette reports on price trends, cost pressures for retailers and wholesalers, and strategies businesses are using to protect margins and maintain competitiveness. Coverage includes economic analysis, expert commentary, and case studies showing how inflation affects product pricing, sourcing, distribution, and overall market performance across the pet retail and supply sectors.
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Aug- 2023 -3 AugustEconomy
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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Jul- 2023 -12 JulyBusiness
Cost of living crisis to wipe £65bn from household finances
Inflation and the cost of living crisis are set to wipe £65bn from household finances across the UK, with real earnings not expected to return to growth until May 2024, according to a new report from Grant Thornton and Retail Economics. The report, which asked 2,000 adult consumers in the…
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Jun- 2023 -22 JuneEconomy
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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12 JuneRetailers
Jollyes FY sales hit £115m
Jollyes has posted sales of £115m for the year ended 29 May 2023, up 33% from £85m for the previous period. This is the first time that the company has seen sales pass the £100m barrier. Furthermore, its like-for-like sales grew by 17% over the full year, over double the…
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May- 2023 -11 MayEconomy
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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Apr- 2023 -11 AprilBusiness
UK retail up 5.1% in March
Total retail sales in the UK were up 5.1% in March according to data from the British Retail Consortium and KPMG. This is above the three-month average growth of 4.8% and the 12-month average growth of 2.6% for the five weeks between 26 February and 1 April. Like-for-like retail sales…
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Mar- 2023 -23 MarchBusiness
BoE raises interest rates to 4.25%
The Bank of England (BoE) has announced that interest rates will be raised by 0.25% to 4.25%, the highest rate in almost 15 years, following an unexpected rise in inflation last month. The move marks the 11th consecutive increase from the BoE and follows the jump in inflation to 10.4%…
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15 MarchEconomy
Spring Budget: Corporation tax to rise to 25%
Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…
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Feb- 2023 -2 FebruaryEconomy
BoE raises interest rates to 4%
The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 4%, the highest level in 14 years. The increase, which is the tenth consecutive increase, was decided after the bank’s Monetary Policy Committee (MPC) voted by a majority…
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Jan- 2023 -31 JanuaryRetailers
Pets at Home raises profit outlook
Pet retailer Pets at Home has raised its profit outlook after record Q3 consumer revenues, for the 12 weeks ended 5 January 2023. Its consumer revenues rose 9% year on year boosted by a record number of consumers. Consumer revenues were also up 30% compared to pre-pandemic levels. The company…
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