The Office for National Statistics (ONS) has released updated UK GDP figures, confirming that the UK entered a technical recession in the last six months of the previous year. The new data shows the economy contracted by 0.1% in the three months from June to August 2023, with a furtherRead More →
In February 2024, inflation decreased to 3.4%, a decline from January’s 4%, moving closer to the Bank of England’s self-imposed target of 2% This reduction signifies that the cost of living is increasing at its least rapid rate since September 2021, when it was recorded at 3.1%. Since reaching aRead More →
Shoppers bought less food and fuel in October 2023 as they were hit by rising living costs and poor weather, according to ONS data. The volume of products sold last month fell by 0.3% to the lowest level since February 2021 when large parts of the UK were in CovidRead More →
Pay growth has outstripped inflation by the most since 2021, in a further sign that the pressure on living costs may be starting to ease. Regular pay rose at an annual rate of 7.7% between July and September 2023, official figures show; higher than average inflation over the same threeRead More →
The UK rate of inflation is stuck at 6.7% for September 2023, the same rate as August 2023, according to the Office for National Statistics (ONS). It means prices are still rising at the same rate as the previous month. Petrol and diesel costs kept inflation up, the Office forRead More →
U.K. Gross Domestic Product (GDP) grew by 0.2% in August, the Office for National Statistics (ONS) reported Thursday 12th October 2023, slightly recovering from a downwardly revised 0.6% contraction in July 2023. Services output was the main contributor to growth in August 2023, adding 0.4% on the month to offsetRead More →
ONS says inflation dropped in August 2023 According to the Office for National Statistics (ONS), the UK’s inflation rate dropped unexpectedly in August 2023 to its lowest level since the start of Russia’s invasion of Ukraine, which led to sharp rises in energy and food costs which were already onRead More →
Wages grew at a record annual pace between April and June 2023, according to new figures from the Office for National Statistics (ONS). Regular pay grew by 7.8%, the highest annual growth rate since comparable records began in 2001.Inflation, which measures the pace at which prices are rising, has easedRead More →