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.

Despite the cost of living crisis and rising inflation, Sainsbury's chief executive believes that supermarket prices are about to start falling.

The last time rates were this high was in April 2008, in the midst of the global financial crash, with the UK's central bank expecting inflation to fall below five per cent in the autumn or winter.

The UK food and consumer goods business is facing challenges, including inflation and labour shortages, according to the Institute of Grocery Distribution.

The Bank of England warns that nearly one million UK households will face higher mortgage payments due to rising interest rates, potentially impacting financial stability.

Retail sales saw a slight improvement in June, with like-for-like (LFL) sales increasing by only 1.9 per cent, according to the latest data from BDO LLP.

Inflation could be felt even at the All England Lawn Tennis & Croquet Club.

A recent ranking shows Britain's global competitiveness dropping for the second year in a row, as business executives lose confidence in the country.

More than 11 million people in the UK faced hunger in the past year, according to research conducted by the food bank charity Trussell Trust.

Less booze in your drink as soaring costs and reduced consumer spending pose challenges for brewing sectors.