Inflation

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.

The National Achievers Congress is here to empower you with the knowledge and tools you need to conquer this financial challenge.

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.

The Bank of England is expected today to raise the interest rate for the 13th time in a row, despite recent forecasts of an improving economic outlook.

Inflation forces Brits to reduce discretionary purchases as consumer card spending grows in March. However, pubs and clubs flourished during the coronation weekend.

Year-on-year, existing home prices saw their largest decline since 2012.

The Department for Culture, Media and Sport spent GBP57.4 million, while the Scottish government billed GBP18.8 million.

Treasury Secretary Janet Yellen has warned that the US government would likely run out of cash by June 1

Retail sales rose by 0.4 percent in April from a month earlier to $686.1 billion

Inflation in the United States and Europe is easing after central banks hiked interest rates to cool the economy.

Consumer price inflation is expected to drop back to 2.8 percent in 2024, still above the European Central Bank's two percent target.

Most European indices closed down as well, including the FTSE 100 in London which dipped into the red after earlier gains.