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☆ UK inflation posts first rise in almost a year
▼ + stars: | 2024-01-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UK inflation accelerated in December for the first time since February last year, official data showed Wednesday. Core inflation, which strips out volatile food and energy prices, remained stuck at 5.1%, while services inflation increased from 6.3% to 6.4%. The UK data mirrors the trend in the United States and Europe of slight upticks in headline inflation. Energy prices could also rise if the conflict in the Middle East escalates further. Still, several leading UK economists shrugged off the latest increase in inflation, noting that inflation could return to the Bank of England’s 2% target by the spring, helped by recent falls in energy prices.

Persons: Grant Fitzner, shrugged, ”, Roger Barker, Yael Selfin Organizations: London CNN —, National Statistics, Reuters, US Federal Reserve, European Central Bank, Bank of England’s, Institute of, KPMG, Bank of England Locations: United States, Europe, Red

☆ UK retail sales slide in September as warm weather hurts clothing demand
▼ + stars: | 2023-10-20 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - British retail sales fell more than expected in September as shoppers delayed buying autumn clothing due to unseasonably warm weather, against the backdrop of broader cost of living pressures, official figures showed on Friday. "It was a poor month for clothing stores as the warm autumnal conditions reduced sales of colder weather gear. Clothing sales volumes fell 1.6%, and household goods stores saw a 2.3% drop in sales, which the ONS attributed to ongoing cost of living pressures. While retail sales volumes surged in mid 2021 when shops fully reopened in Britain after COVID-19 restrictions, purchases have steadily fallen since and for the past year sales volumes have been below pre-pandemic levels. Retail sales in the third quarter were likely to subtract 0.04 percentage points from the growth rate of gross domestic product over the period, the ONS said.

Persons: Grant Fitzner, Sterling, David Milliken, William James Our Organizations: National Statistics, ONS, U.S, Thomson Locations: Russia, Ukraine, Britain

☆ British retail sales beat expectations in June
▼ + stars: | 2023-07-21 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters) - British retail sales rose more than expected in June, boosted by unusually hot weather and a rebound in food sales after a dip the month before when public holidays disrupted normal spending patterns, official figures showed on Friday. Retail sales volumes in June were 0.7% higher than in May, the Office for National Statistics said, a bigger increase than the 0.2% forecast by economists in a Reuters poll. Sales volumes were 1.0% lower than a year earlier, beating economists' forecasts for a 1.5% decline. "Retail sales grew strongly, with food sales bouncing back from the effects of the extra bank holiday, partly helped by good weather, and department stores and furniture shops also having a strong month," ONS chief economist Grant Fitzner said. The ONS data showed a 7.8% annual rise in the value of retail sales excluding fuel.

Persons: Grant Fitzner, King Charles ', Sterling, David Milliken, Kate Holton, Andrew Heavens Organizations: National Statistics, U.S, Industry, British Retail Consortium, Thomson

☆ UK inflation slows to lowest level in more than a year
▼ + stars: | 2023-07-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UK inflation eased more than expected in June, slowing to its lowest annual rate since March 2022, official data showed Wednesday. Consumer prices rose 7.9% last month compared with a year ago, down from 8.7% in May, the Office for National Statistics said. “Inflation slowed substantially … driven by drops for motor fuels,” ONS chief economist Grant Fitzner said in a statement. “While the Bank of England will welcome the fall in inflation, it is unlikely to substantially change its hawkish policy stance,” said KPMG chief economist Yael Selfin. “The main story today is that inflation is lower than expected, fueling a narrative that we are through the worst,” said Kitty Ussher, chief economist at the Institute of Directors.

Persons: Grant Fitzner, ”, Yael Selfin, Paul Dales, Selfin, “, Kitty Ussher, … Organizations: London CNN —, National Statistics, Reuters, Bank of England, ONS, “, KPMG, Capital Economics, ”, Institute of Directors

☆ UK inflation stops falling as airfares and second-hand car prices soar
▼ + stars: | 2023-06-21 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +1 min

London CNN —UK inflation stayed stuck at 8.7% in May as prices for recreation and cultural activities rose at a faster pace than the previous month. The data released by the Office for National Statistics Wednesday defied forecasts for a slowdown in overall inflation to 8.4% compared with a year ago. Although the prices of groceries rose less sharply than in April, food inflation remained high, coming in at more than 18%. “The cost of airfares rose by more than a year ago and is at a higher level than usual for May,” said ONS chief economist Grant Fitzner. The latest figures make it more likely the Bank of England will raise interest rates again Thursday, threatening even more turmoil in the mortgage market.

Persons: ”, Grant Fitzner, Rishi Sunak Organizations: London CNN —, Office, National Statistics, UK, Bank of England Locations: Britain

Economists polled by Reuters had forecast that the annual consumer price inflation rate would drop to 8.4% in May, moving further away from October's 41-year high of 11.1%. "May's CPI figures ratchet up the pressure on the Monetary Policy Committee to increase Bank Rate substantially further over the coming months," Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said. Food and drink price inflation dropped slightly to 18.3% from April's 19.0%. The BoE is widely expected to raise interest rates on Thursday to 4.75% from 4.5%. After Wednesday's data, markets fully priced in interest rates reaching 6% by December - up from around a 50% chance of such a move on Tuesday.

Persons: Henry Nicholls, Samuel Tombs, Sterling, BoE, Grant Fitzner, . Paul Dales, Rishi Sunak, Jeremy Hunt, Andrew Heavens Organizations: Bank of England, REUTERS, Bank of, Reuters, Monetary, Committee, Pantheon, U.S ., National Statistics, ., Capital Economics, Bank, Fed, ECB, Thomson Locations: City, London, Britain, Bank of England

☆ UK inflation surprises for all the wrong reasons
▼ + stars: | 2023-05-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Britain’s stubbornly high inflation is a major drag on its economy because it increases the cost of everyday goods and services, dampening consumption. At the same time, interest rate hikes to combat inflation make loans and mortgages more expensive, which further weighs on spending by businesses and consumers. “The indirect impact of energy prices on business costs means lower gas and electricity prices should eventually feed into lower core inflation. But strong wage growth is likely to keep services inflation high throughout this year,” he added. But it cautioned that high inflation is still a considerable risk to the UK economy.

Persons: Grant Fitzner, Britain’s, ” Paul Dales, Martin Beck, ” Organizations: London CNN —, National Statistics, Bank of England, International Monetary Fund, Bank, Capital Economics, IMF, Bank of England’s Locations: United Kingdom

The BoE is due to announce on Thursday whether it has raised interest rates for an 11th meeting in a row. The annual inflation rate in the services sector, which most policymakers consider is a good measure of underlying price pressures in the economy, rose to 6.6% after standing at 6.0% in January. Finance minister Jeremy Hunt said the data showed the expected decline in inflation could not be taken for granted. "Falling inflation isn't inevitable, so we need to stick to our plan to halve it this year," Hunt said in a statement. Reporting by David Milliken and William Schomberg, editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

London CNN —Consumer prices in the United Kingdom jumped by 10.4% in February compared with a year ago, as food inflation hit its highest level in more than 45 years and restaurants charged more for alcohol, official data showed Wednesday. Food inflation hit a new record high, with prices rising 18.2% through the year to February, up from 16.8% in January. The ONS said soaring food prices were partly caused by shortages of some salad and vegetable items, which led to rationing by supermarkets. Inflation had been falling since hitting a 41-year high of 11.1% in October, largely driven by the lower cost of motor fuels. Analysts say the surprise increase in prices makes it more likely the Bank of England will hike interest rates again when it meets Thursday.

☆ UK inflation drops to 3-month low of 10.5% in December
▼ + stars: | 2023-01-18 | by ( David Milliken | ) www.reuters.com time to read: +2 min

[1/2] People carry shopping bags as they walk past Christmas themed shop displays on Regent Street in London, December 4, 2022. The drop in the headline rate of inflation from 10.7% in November was in line with economists' forecasts in a Reuters poll, and moves CPI further away from the 41-year high of 11.1% struck in October. "Food costs continue to spike with prices also rising in shops, cafes and restaurants," ONS chief economist Grant Fitzner said. Core CPI - which excludes energy, food, alcohol and tobacco, and which some economists view as a better guide to underlying inflation trends - was unchanged at 6.3% in December. Finance minister Jeremy Hunt said after the figures were released that high inflation was a "nightmare for family budgets", hurt business investment and led to strike action.

☆ UK inflation jumps to 41-year high of 11.1%
▼ + stars: | 2022-11-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN Business —Soaring energy costs drove UK inflation to a fresh high in October, the latest piece of bad news for an economy sliding into recession. The annual rate of inflation rose to 11.1% in October, up from 10.1% in the 12 months to September, the Office for National Statistics said on Wednesday. Food price inflation rose to 16.4%. That means that in the space of one month, prices rose by as much as they did in the entire year to July 2021. Data last week from the ONS showed that the UK economy shrank in the third quarter.

"The ongoing squeeze on household finances continues to weigh on growth, and likely to have caused the UK economy to enter a technical recession from the third quarter of this year," Yael Selfin, chief economist at KPMG UK, said. Manufacturing fell by 1.6% from July and more maintenance than unusual in the North Sea hit the mining and quarrying sector which includes oil and gas. "Many other consumer-facing services struggled, with retail, hairdressers and hotels all faring relatively poorly," ONS Chief Economist Grant Fitzner said. GDP in September is likely to be weakened by a one-off public holiday to mark the funeral of Queen Elizabeth. The International Monetary Fund said on Tuesday it expected British GDP to grow in 2023 but only by 0.3%.

☆ UK economy unexpectedly shrinks in August, falls by 0.3%
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: +1 min

ONS figures showed that real wages in the U.K. over the three months to May experienced their steepest decline since records began in 2001. Britain's economy shrank by 0.3% in August, hit by weakness in manufacturing and maintenance work in North Sea oil and gas fields, according to official data which underscored the challenge for Prime Minister Liz Truss to speed up growth. "The economy shrank in August with both production and services falling back, and with a small downward revision to July's growth the economy contracted in the last three months as a whole," ONS Chief Economist Grant Fitzner said. Fitzner highlighted a "notable decrease" in the manufacturing sector and a greater level than usual of maintenance in the North Sea oil and gas sector which slowed output. Britain's economy looks set to slow sharply as surging inflation hits households and forces the Bank of England to raise interest rates quickly.

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