Household spending at peak as retail sales drop
Average weekly household spending rose to its highest level since 2006 for the financial year ending 2017, as retail sales for December declined.
Average weekly household spending rose to its highest level since 2006 for the financial year ending 2017, as retail sales for December declined.
Having hit 3.1% in November, the Consumer Prices Index (CPI) 12-month rate fell to 3% in December, prompting suggestions UK inflation may have peaked.
UK productivity saw its largest gain in almost six years in the third quarter of 2017, according to the Office for National Statistics.
The UK economy grew 0.4% between July and September this year according to the latest figures from the Office for National Statistics, but year-on-year quarterly GDP growth fell to its lowest rate in four years.
The latest figures on employment and wages released Wednesday morning suggest an improving picture for UK workers.
November inflation has breached the 3% mark for the first time in nearly six years, but has it reached its peak?
While UK retail sales registered a monthly increase of 0.3% between September and October, annually they dropped 0.3% according to the Office for National Statistics (ONS).
Now may be the time to go defensive investors have argued after data revealed UK inflation held steady at 3% in October.
The pace of UK economic growth beat expectations in the third quarter of the year, further increasing the chance of an interest rate rise next week.
The strength of the UK consumer proved resilient in July, with month-on-month retail sales rising 0.3% according to the Office for National Statistics (ONS).
UK GDP grew by just 0.3% in the second quarter signalling a “notable slowdown” in the domestic economy, according to the Office for National Statistics.
A warm June propelled UK retail sales for the second quarter of the year, with strong clothing sales compensating for a decline in food and fuel sales.