UK Inflation

Soaring food prices pushed British consumer price inflation to a 40-year high of 9.1% last month, the highest rate out of the Group of Seven countries and underlining the severity of the cost-of-living crunch.

Britain's biggest rail strike in 30 years kicked off on Tuesday as tens of thousands of staff walked out in a dispute over pay and jobs that could pave the way for widespread industrial action across the economy in coming months.

British shoppers swapped branded items for cheaper own-label products and turned to value ranges to help manage grocery inflation which soared to 8.3% in the four weeks to June 12, its highest level since April 2009, industry data showed on Tuesday.

Britain faces its biggest rail strike in 30 years this week when tens of thousands of staff walk out in a pay dispute that unions warn could lead to coordinated action across other industries due to the mounting cost of living crisis.

The pound slumped one percent against the dollar following the announcement, one day after the Federal Reserve hiked US interest rates far more aggressively to fight runaway consumer prices in the world's biggest economy.

Unsurprisingly, the pandemic has also had a huge impact on the basket in recent years. In addition to antibacterial wipes, the 2022 basket refresh ditched suits, a longtime staple of the working wardrobe.

Britain's jobless rate rose for the first time since late 2020 and other measures of the country's hot labour market cooled, potentially easing inflation worries at the Bank of England which is due to raise rates again this week.

Toxic cocktail darkens outlook for British pound

Tory MP Lee Anderson has come under fire for insensitive comments made in the House of Commons wherein he said that poor people use food banks because they "cannot cook properly" and "cannot budget."

Senior economist Boris Glass said the U.K. economy has foregone economic activity of £6.6 billion in each of the 10 quarters since the 2016 referendum.

The Office for National Statistics says that average weekly earnings in the three months to February rose 2.8 percent

Retail sales climb 1.1% month-on-month in November as sales of household goods jump 2.9% thanks to Black Friday sales.

Number of people in work records a second month of decline and the largest drop since the quarter between March and May 2015.

Bank of England Governor Mark Carney to write a letter to the Chancellor explaining why price growth is so far above the BoE's 2% target.

The BRC said retail sales rose 0.6% compared to a year earlier in November, following a 1% decline in October.

UK retail sales fall 0.3% year-on-year in October, recording the first decline since 2013 as weakness lingers on.

Concerns labour market might be cooling down after number of people in work records biggest drop since June 2015.

Inflation holds steady at a five-year high of 3% in October, but food prices grow a fastest pace since 2014.

The average British worker is in line to receive a 0.2% real salary increase next year, equating to a pay rise of around £4.40 per month before tax.

Data published from the BRC shows footfall declined 2% year-on-year in October, the biggest drop since June 2016.

Britons are happier since the Brexit vote despite a squeeze on household incomes, higher inflation and a weaker pound, according to official statistics.

Think tank predicts UK GDP to expand by 1.6% this year and 1.7% in 2018, a modest downward revision on the forecasts it made earlier this year.

UK economy grows 0.4% in the third quarter on the back of a strong performance from the services sector.

Lobby groups urge the Chancellor to suspend planned increase in business rates and incentivise investment instead.

ONS figures show quarterly growth of 0.6%, the lowest level on record since 2013.

ONS data shows number of jobless people fell in the three months to August, while rate held steady at lowest level since 1975.

Inflation surges to the highest level since April 2012 amid increase in food prices and transport costs.

Bank of England governor says drop in migration could lead to a short-lived spike in inflation and higher wages.

Consumer spending on grocery products rose 3.5% year-on-year during 12 weeks to 9 September.

Sterling climbs above $1.36 after BoE policymaker suggests rate rise could happen in November.