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☆ UK retail sales slide again in October in new blow for economy
▼ + stars: | 2023-11-17 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Nov 17 (Reuters) - British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home, official data showed on Friday in a new warning sign for the economy. Retail sales volumes dropped 0.3% month-on-month, following a revised 1.1% decline in September that was worse than first estimated, the Office for National Statistics said. Economists polled by Reuters had forecast that sales volumes would rise by 0.3% on the month in October. Overall the figures fitted with the darkening outlook for Britain's economy, with economic growth stagnant and strong price pressures now fading, albeit slowly. The figures also showed a small downward revision in retail sales for the third quarter.

Persons: Phil Noble, Spencer, James Davey, William James Our Organizations: Shoppers, REUTERS, National Statistics, Reuters, Investors, Bank of England, Retailers, Britain, Tesco, Thomson Locations: Altrincham, Britain

☆ UK grocery inflation in single digits for first time this year -Kantar
▼ + stars: | 2023-11-07 | by ( James Davey | ) www.reuters.com time to read: +3 min

Market researcher Kantar said annual grocery inflation was 9.7% in the four weeks to Oct. 29, down from 11% in last month's report. The Kantar data provides the most up-to-date snapshot of UK grocery inflation. Kantar said grocery sales in the four weeks to Oct. 29 rose by 7.4% compared with last year. Spending on promotions hit 27.2% of total grocery sales – the highest level since Christmas last year. UK supermarkets' market share and sales growth (%)Source: Kantar($1 = 0.8061 pounds)Reporting by James Davey Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Kantar, Fraser McKevitt, Rishi Sunak, James Davey, Mark Potter Organizations: REUTERS, Bank of England, Barclays, Thomson Locations: Altrincham, Britain

☆ British retail sales grow in August after washout in July
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - British retail sales partially recovered in August after a rainy July washout, official figures showed on Friday, adding to signs that the country's consumers were mostly coping with the cost-of-living squeeze. Sales volumes rose by 0.4% on a month-on-month basis after a sharp 1.1% fall in July, the Office for National Statistics said. "These were partially offset by internet sales, which dropped slightly as some people returned to shopping in person following a very wet July. However, August's data represented the sixth time so far in 2023 that sales volumes rose on a month-to-month basis, suggesting resilience in consumer demand. Retail sales volumes were 1.4% lower than a year earlier, the ONS said, compared with economists' forecasts for a 1.2% decline.

Persons: Phil Noble, Heather Bovill, GfK, BoE, William Schomberg, James Davey, William James, Christina Fincher Organizations: REUTERS, National Statistics, Reuters, Office, Bank of England, British Foods, Thomson Locations: Altrincham, Britain

The preliminary reading of the UK S&P Global Purchasing Managers' Index (PMI) for the services sector sank to its lowest since the pandemic lockdown of January 2021 and below all forecasts in a Reuters poll of economists. PMIs for the euro zone picked up a little but still suggested a recession was approaching. Official data showed retail sales rose in August, partially recovering from a rain-induced plunge in July, and a measure of consumer confidence climbed to its highest since January 2022. However, data company S&P Global said its survey was consistent with a drop in quarterly economic output of 0.4%. "The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK," said Chris Williamson, chief business economist at S&P Global.

Persons: Molly Darlington, BoE, Sterling, Martin Beck, Beck, Chris Williamson, Samuel Tombs, Andy Bruce, Toby Chopra Organizations: REUTERS, P, CBI, Bank of England, P Global, U.S, Confederation of British Industry, PMI, Pantheon, Thomson Locations: Altrincham, Britain

☆ All of UK retailer Wilko's stores to shut, with over 9,000 job losses
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] A branch of the discount retail homeware store Wilko is seen in Altrincham, Britain, September 11, 2023. PwC confirmed that 124 Wilko stores were set to close by Sept. 21, while the timing for the closure of the remaining 222 stores has yet to be announced. Some job losses in addition to those set out on Monday had been announced in recent weeks. Earlier this month London-listed retailer B&M (BMEB.L) struck a deal to buy 51 Wilko stores for up to 13 million pounds ($16.26 million). "Wilko should have thrived in a bargain retail sector that is otherwise strong, but it was run into the ground by the business owners."

Persons: Molly Darlington, PwC, Wilko, Doug Putman, Nadine Houghton, James Davey, Muvija, Sachin Ravikumar, Paul Sandle, Susan Fenton Organizations: REUTERS, HMV, Thomson Locations: Altrincham, Britain, Leicester, England, Wilko, London

☆ Factory slump and cost-of-living squeeze puts UK economy on course to shrink
▼ + stars: | 2023-08-23 | by ( David Milliken | ) www.reuters.com time to read: +4 min

The BoE said earlier this month it only saw inflation falling below 4% from the second quarter of 2024. The PMI survey recorded the slowest growth in output prices since February 2021. Manufacturers - who make up 10% of Britain's economy - reported the biggest fall in output prices since February 2016, echoing wider weakness in the sector. "Companies are reporting reduced orders for goods and services as demand is increasingly hit by the cost-of-living crisis, higher interest rates, export losses and concerns about the economic outlook," Williamson said. Manufacturers said this fall appeared to be an attempt to reduce the need for working capital at a time of rising interest rates.

Persons: Carl Recine, BoE, Queen, Chris Williamson, Sterling, James Smith, P's Williamson, Williamson, David Milliken, William Schomberg, Hugh Lawson Organizations: REUTERS, PMI, P, P Global Market Intelligence, Bank of England, ING, Manufacturers, Thomson Locations: Altrincham, Britain

The ONS said falling gas and electricity prices were the biggest driver behind the drop in inflation, while food price inflation also eased. Despite the drop in the headline figure, Britain retains one of the highest rates of price growth in Western Europe, with only Iceland and Austria suffering higher inflation. The BoE is watching core inflation - which strips out volatile food and energy prices - and consumer services prices closely. Services inflation picked up to 7.4% from 7.2% in June. Financial markets on Wednesday showed a roughly two-thirds chance that the BoE's Bank Rate will hit 6% in February, up from 5.25% now.

Persons: Phil Noble, BoE, Sterling, Ruth Gregory, Jeremy Hunt, Andy Bruce, William Schomberg Organizations: REUTERS, Bank of, National Statistics, U.S, ONS, Bank, Capital Economics, Financial, Manufacturers, Thomson Locations: Altrincham, Britain, Bank of England, Western Europe, Iceland, Austria, BoE's

☆ UK consumer group calls for government action on grocery prices
▼ + stars: | 2023-07-16 | by ( James Davey | ) www.reuters.com time to read: +3 min

says supermarket prices have risen 25.8% in two yearsSome prices have jumped by as much as 175%, consumer group saysRetailers say they have absorbed cost increasesLONDON, July 17 (Reuters) - British consumer group Which? has urged the government to take action to support households when the competition watchdog publishes its review of grocery pricing, saying some food prices have jumped by as much as 175% since 2021. found that supermarket prices rose by 25.8% between June 2021 and June 2023. Food prices have been driven up by increased costs for animal feed, fertiliser and fuel as well as energy and labour. While the UK government has raised concerns about soaring food prices it has said it was not considering imposing price caps.

Persons: Phil Noble, Jeremy Hunt, Helen Dickinson, James Davey, David Goodman Organizations: REUTERS, Tesco, Asda, Waitrose, Markets Authority, CMA, British Retail Consortium, Thomson Locations: Altrincham, Britain, British, Morrisons, Aldi, Europe, Hungary

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