Inflation

Jan- 2022 -

19 January

Inflation hits 30-year high

Inflation reached 5.4% in December, its highest rate since CPIH stood at 5.1% in May 1992, according to the latest figures from the Office for National Statistics (ONS). It revealed the consumer prices index including owner occupiers’ housing costs (CPIH) rose 4.8% in the 12 months to December 2021, up…

5 January

Retailing

Price rises to pick up momentum in 2022

Shop price annual inflation accelerated to 0.8% in December, up from 0.3% in November with prices set to rise in the new year, according to a latest study from the BRC. The increase of 0.3% is above the 12 and six month average price decreases of 0.9% and 0.3%, respectively.…

Nov- 2021 -

19 November

Economy

Retail sales return to growth in October

October Retail sales volumes rose by 0.8%, according to the latest data by the Office of National Statistics (ONS). Non-food stores also saw a rise in sales volumes by 4.2% during the period, with second-hand stores, toy stores and sports equipment stores growing by 6.2%. Meanwhile, clothing stores sales volumes…

Oct- 2021 -

27 October

Industry News

Chancellor unveils 50% rates discount for Retail, Hospitality and Leisure

Chancellor Rishi Sunak has unveiled a 50% discount on business rates for the hospitality, retail and leisure sectors (up to £110,000), equating to a business tax cut worth £1.7bn, the biggest single-year rates cut for firms in over 30 years. Unveiling his latest Budget in the Commons today (27 October),…

Sep- 2021 -

24 September

Economy

Consumer confidence falls amid ongoing supply chain issues

UK consumer confidence has fallen back five points in September, largely attributed to both shop supply shortages and rising prices, according to new research by GfK. GfK’s Consumer Confidence Index decreased by five points to 13 in September, with all measures down in comparison to August’s announcement. The data showed…

Jun- 2021 -

16 June

Economy

UK inflation hits 2.1% as clothing prices rise

Inflation in the UK rose to 2.1% in May, up from 1.5% in April, according to the latest figures from the Office for National Statistics (ONS). This increase has been fuelled by an increase in consumer spending as the British public comes out of lockdown. Meanwhile, clothing prices jumped by…

Sep- 2020 -

16 September

Economy

UK inflation slumps to five-year low

The Consumer Prices Index (CPI) 12-month rate fell to 0.2% in August 2020, down from 1.0% in July, according to new data from the ONS. The ONS said falling prices in restaurants and cafes, arising from the Eat Out to Help Out Scheme, resulted in the largest downward contribution (0.44…

Jun- 2020 -

3 June

Coronavirus

Biggest decline in shop prices since 2006

May shop prices tumbled at the fastest rate of decline since 2006, falling by 2.4% against a 1.7% decrease in April. This was “largely” driven by a sharp fall in non-food prices, which fell “sharply” by 4.6% in the period, compared to a decline of 3.6% the month prior. This…

Mar- 2020 -

11 March

Business Bites

ROUNDUP: Business rates holiday announced by chancellor Sunak

In his maiden budget, the new chancellor, Rishi Sunak, has announced a £30bn fiscal stimulus package to help combat the impact of coronavirus on the British economy including a one-year total suspension of business rates for small retail, leisure and hospitality businesses. Headline measures include: A £12bn plan to provide…

Feb- 2020 -

19 February

Business Bites

Inflation jumps, physical money nearing the end, immigration to prioritise skills, £150m film studio to launch

Inflation has reached its highest rate in six months, at 1.8%, after the price of fuel and energy rose over the course of the last year. The consumer prices index (CPI) which measures the rate by monitoring the price of consumer goods, was expected to come in at 1.6%, so this…