GBP News

The UK unemployment rose slightly in the third quarter ahead of the economy entering a prolonged period of recession. The ILO jobless rate rose slightly to 3.6 percent during July to September from 3.5 percent in three months to August. The rate was forecast to remain unchanged at 3.5 percent.

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The UK economy rebounded at a faster-than-expected pace in October with a strong contribution from the services activity, though economists and observers said the monthly figures mask the underlying recession. Later this week, the Bank of England is widely expected to shift the gear down on interest rate hikes.

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UK consumer prices rose at the slowest pace in three months in December largely driven by the easing of motor fuel inflation, figures from the Office for National Statistics revealed Wednesday.

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The Bank of England hiked its key rate for the eleventh consecutive session on Thursday as an unexpected rise in inflation outweighed concerns about the recent banking sector turbulence. The nine-member Monetary Policy Committee decided to lift the bank rate by 25 basis points to 4.25 percent. This was the highest rate since 2008.

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UK retail sales declined the most since early 2021 as consumers brought forward Christmas sales into November, and the high cost of living and interest rate hikes damped household spending. Retail sales declined 3.2 percent month-on-month in December, reversing the 1.4 percent increase in November, figures from the Office for National Statistics revealed Friday.

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UK retail sales declined at a faster pace in July on unfavorable weather conditions and market uncertainty, the Distributive Trades Survey results from the Confederation of British Industry showed on Monday.

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UK retail sales declined more than expected in October as consumers reduced their spending on food and clothing, data released by the Office for National Statistics showed on Friday. Retail sales dropped 0.7 percent on a monthly basis in October, in contrast to the revised 0.1 percent rise in September. Sales were expected to fall 0.3 percent.

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UK consumer price inflation weakened more than expected to a three-month low in March ahead of an increase in energy bills in April, the Office for National Statistics said on Wednesday. Consumer prices registered an annual growth of 2.6 percent, slower than the 2.8 percent increase in February. Prices were forecast to climb 2.7 percent.

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UK consumer price inflation accelerated more than expected in April, data from the Office for National Statistics showed on Wednesday.

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