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UK Retail Economic Briefing Report summary

April 2022

Period covered: Period covered: April 2022

Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.

Economic activity

UK monthly GDP rose by a subdued 00% in February, following 0.8% growth in January. Monthly economic activity is now 00% above its pre-pandemic level.

The accommodation and foodservice sectors bounced back strongly in February following weakness over the festive period caused by the Omicron variant.

OBR has revised down its GDP forecast for 2022 from 6.0% to 00%, reflecting greater economic uncertainty following Russia’s invasion of Ukraine.

Confidence

GfK’s Consumer Confidence score fell to a near all-time low in April, dropping 00 points to 00.

Historically, a consumer confidence score of -30 or below precedes a recession.

Business confidence held steady at 00% in April, following a sharp drop the previous month after the start of the war in Ukraine.

Inflation

The headline rate for inflation rose by 0.8 percentage points to 00% YoY in March – at least a 30-year high.

The sharp rise was predominantly driven by an acceleration in fuel prices along with surging inflation across Furniture & Flooring, Housing, Hospitality and Food.

The Retail Economics Cost of Living Tracker shows that discretionary income among the least affluent (money left after paying for essentials) fell 00% YoY in March. This equates to £00 per month less to spend on non-essential items.

Credit and Housing Market

The latest data shows that the housing market continues to…

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Consumer confidence nosedives amid cost of living concerns

Source: GfK, Retail Economics

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  • Summary and economic overview
  • GDP
  • Labour market statistics
  • Inflationary trends
  • Producer prices pressures
  • Consumer spending
  • Retail sales trends
  • Prices, costs and margins
  • House prices and mortgage approvals
  • Credit market statistics
  • Consumer Confidence
  • Wage Growth and more…