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UK Retail Sales Growth At 8-Month High
UK retail sales expanded at the fastest pace in eight months in January due to the rebound in food store sales volume, the Office for National Statistics said Friday.
Retail sales volume increased 1.7 percent in January from December. The monthly growth confounded a revised fall of 0.6 percent in December.
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UK Inflation Hits 10-Month High On Airfares, Food Prices
UK consumer price inflation accelerated to a 10-month high in January on higher airfares and food prices, data from the Office for National Statistics showed on Wednesday. The consumer price index logged a 3.0 percent rise in January, following December's 2.5 percent increase. This was the fastest growth since March 2024. Prices were forecast to climb 2.8 percent.
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UK Jobless Rate Remains Stable, Wage Growth Accelerates
The UK unemployment rate remained unchanged, but wage growth picked up in the fourth quarter, supporting the Bank of England's cautious approach to further policy cuts. The jobless rate came in at 4.4 percent in the three months to December, the same as in the preceding period, the Office for National Statistics said on Tuesday. Economists had forecast the rate to rise to 4.5 percent.
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UK House Price Growth Softens As Stamp Duty Deadline Looms: Rightmove
House prices in the U.K. increased at a slower pace in February as sellers reduced their price expectations amid the looming stamp duty deadline and high competition, property website Rightmove said on Monday. The average asking price of property grew only 0.5 percent in February, slower than the 1.7 percent increase in January, survey results by Rightmove showed.
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UK Economy Unexpectedly Returns To Growth
The U.K. economy logged a surprise expansion in the fourth quarter of 2024, but the mild growth is unlikely to ease the pressure on the Chancellor who aims to turbocharge growth. Gross domestic product grew 0.1 percent from the third quarter, when there was nil growth, the Office for National Statistics reported Thursday.
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BoE's Mann Says Loosening Labor Market Will Restrain Price & Wage Growth
A further loosening of the UK labor market will restrain the growth in wages and prevent second-round effects from setting in, even if the near-term inflation expectations increase, Bank of England policymaker Catherine Mann said Tuesday. In a speech, Mann said the current and likely continued weak demand conditions will lead to a further loosening of the labor market.
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UK Job Vacancies Decline Most Since 2020: REC/KPMG Report
UK job vacancies decreased the most since August 2020 as higher cost of employing staff due to the changes in government policies weighed on hiring activity, a report compiled by S&P Global showed on Monday. Demand for staff decreased in January at the sharpest pace since August 2020. Vacancy numbers fell especially sharply for permanent worker, the KPMG/REC Report on Jobs survey revealed.
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German Industrial Output Falls Most In 5 Months
Germany's industrial output declined the most in five months in December, reflecting a sharp reduction in auto production, Destatis reported Friday. Industrial output fell 2.4 percent month-on-month in December, offsetting November's 1.3 percent gain.
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UK Halifax House Prices Rise More Than Forecast
UK house prices grew more than expected in January to hit a record high as buyer demand increased ahead of the stamp duty increase in April, mortgage lender Halifax said Friday. House prices increased 0.7 percent in January from December, reversing a 0.2 percent drop in the previous month. The monthly growth was also faster than economists' forecast of 0.4 percent.
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Bank Of England Cuts Rate By 25 Bps, Sees Modest Growth In Q1
The Bank of England lowered its key interest rate by a quarter-point as widely expected on Thursday but two policymakers sought a bigger reduction citing the sluggish U.K. economy and the heightening uncertainty over trade tariffs. The Monetary Policy Committee, led by Governor Andrew Bailey, voted 7-2 to reduce the benchmark bank rate to 4.50 percent from 4.75 percent.
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