GBP News

UK consumer price inflation rose further in May at the fastest pace in 40 years on rising energy and food prices, deepening the cost of living crisis. Consumer price inflation rose to 9.1 percent in May, in line with expectations, from 9.0 percent in April, data from the Office for National Statistics revealed on Wednesday.

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UK retail sales declined in May as high cost of living pulled consumer sentiment to a record low and weighed on households' spending in food stores, data showed on Friday. Retail sales volume dropped 0.5 percent month-on-month in May, reversing a revised 0.4 percent increase in April, the Office for National Statistics said. Economists had forecast sales to drop 0.7 percent.

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The UK unemployment rate remained unchanged in three months to May, data from the Office for National Statistics showed Tuesday.

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UK retail sales dropped at a slower pace in June as food sales rebounded amid Jubilee celebrations but consumers spent less on clothing and household goods in response to high inflation, official data revealed Friday. Retail sales volume fell only by 0.1 percent month-on-month in June, following a revised 0.8 percent decrease in May, the Office for National Statistics reported.

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UK retailers expect sales volume to decline more markedly next month as consumers struggle to cope with the effects of the cost of living crisis, the Distributive Trades Survey results from the Confederation of British Industry showed on Tuesday.

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UK house price inflation accelerated less-than-expected in July, after easing in the previous three months, survey results from the Nationwide Building Society showed on Tuesday. The house price index logged a double-digit annual growth of 11.0 percent in July, faster than the 10.7 percent rise in June. However, this was slower than the economists' forecast of 11.5 percent.

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Deepening the cost of living crisis, UK consumer price inflation accelerated further in July to the highest since 1982 on surging food and fuel prices, adding pressure on the Bank of England to tighten the policy again despite the looming recession. Consumer price inflation rose to 10.1 percent in July from 9.4 percent in June, the latest data from the Office for National Statistics showed on Wednesday.

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The UK private sector shrank at the fastest pace since early 2021 on the negative impacts of high costs and a weaker economic outlook, flash survey results from S&P Global and the Chartered Institute of Procurement & Supply showed Friday. The composite output index came in at a 20-month low of 48.4 in September versus 49.6 in the previous month. The score was forecast to ease moderately to 49.0.

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The UK jobless rate eased unexpectedly to the lowest since 1974 and more people dropped out of workforce making it difficult for businesses to find employees to fill vacancies, official data showed Tuesday. The jobless rate fell to 3.5 percent in three months to August from 3.6 percent in three months to July, the Office for National Statistics reported.

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The Bank of England delivered the biggest interest rate hike in 33 years on Thursday, joining its global peers in aggressive tightening to bring inflation down from double-digits, even as the U.K. economy is forecast to remain in a prolonged recession. The nine-member Monetary Policy Committee decided to raise the bank rate by 75 basis points to 3.00 percent from 2.25 percent.

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