Inflation

Three prominent forecasters, including Oxford Economics consultancy, Investec, and Deutsche Bank, have revised their outlook for inflation in 2024.

The total UK retail sales for the month showed a growth of 1.7 per cent, marking a substantial decline from the 6.9 per cent recorded in December 2022.

The introduction of new border checks on EU goods in April entering the UK could lead to further spikes in UK grocery inflation.

The average annual household energy bill has risen by £94 to £1,928 during the coldest months of 2024.

The Liberal Democrats have decried this exponential rise in parking costs as a "tax on caring" and have criticised the government for falling short of its 2019 manifesto promise.

Projections released by Think Tank suggest that consumers are likely to maintain a cautious approach to spending in the initial months of 2024.

Jeremy Hunt says that wages will go up as prices go down next year after it was announced that the rate of inflation has decreased to 3.9 per cent.

Consultancy firm Cornwall Insight says bills could drop by £268 a 16 per cent decrease – in line with the official price cap set by the UK's energy regulator Ofgem.

Etsy, alongside Mattel and Hasbro, are experiencing decreased sales even during the Christmas season due to inflation.

The United Kingdom has witnessed a notable drop in the average cost of a two-year fixed-rate mortgage, falling below six per cent for the first time in nearly six months.

The House of Lords Economic Affairs Committee released a report that critiques the Bank of England's scope of operation amidst the current cost of living crisis.

The cost of living crisis has caused consumers to be more wary of buying non-essentials this Black Friday due to inflation after the pandemic.

The company's stock saw a sharp decline of six per cent, marking it as the top faller on the FTSE 100. The underlying issue, as Kingfisher explained, stemmed from ongoing weaknesses in their French market.

In September, inflation stood at 6.7 per cent, as many people across the UK continue to struggle with the cost-of-living crisis.

This optimistic forecast comes from George Weston, the CEO of Associated British Foods (ABF), a conglomerate that oversees brands like Kingsmill Bread, Twinings Tea and Silver Spoon Sugar, along with the Primark budget clothing chain.

M&S has also declared its intention to distribute nearly £20 million to its shareholders in January, marking its first dividend payment since 2019.

Savills, a fancy estate agency, says that the worst might be over, and house prices are expected to stop falling by next summer.

This noteworthy reduction in grocery price inflation comes after a prolonged period of 16 months where double-digit growth had become the norm.

UK retail sales growth declined in October as UK consumers are cautious of spending and saving for Christmas amidst the cost-of-living crisis which has sparked a recession for the UK economy.

Nine members of the Monetary Policy Committee (MPC) voted 6-3 in favour of maintaining the current rate, in a move that was widely anticipated.

Data from Zoopla shows there has been a 23 per cent reduction in housing sales so far this year compared to the same time last year.

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The preliminary reading of the S&P Global UK PMI for the services sector, often referred to as the "flash" PMI, fell to 49.2 in October from 49.3 in September.

Approximately half a million employees employed by companies committed to the voluntary Real Living Wage are poised to experience a substantial increase in their earnings, bringing their minimum hourly wage to at least £12.

CPI reported a year-on-year increase of 6.7 per cent, maintaining the same pace as the previous month, contrary to economists' predictions of a dip to 6.6 per cent.

The figures show that between June and August of this year, wages rose at an annual rate of 7.8 per cent, higher than average inflation over the same three months.

The latest sales-monitor report from the British Retail Consortium has revealed a slowdown in retail sales growth in the UK for September. Despite a fall in inflation, the high cost of living continues to place pressure on households' budgets.

The decision to hold the rate comes after figures revealed an unexpected slowdown in inflation in August.

Grocery price inflation has fallen to its lowest level for more than a year, causing major supermarkets to slash prices.

Asian countries like India are resorting to high export duties on grain exports to contain global food inflation while the UK is reducing dependency on Ukraine.