UK Retail Economic Briefing Report summary
July 2022
Period covered: Period covered: June 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 GDP rose by 00% MoM in May, beating expectations of 00% growth. All three main sectors returned to growth in May after declining in the previous month (Services: 00%, Production: 00%, Construction: 00%).
The Bank of England now expect the UK economy to enter recession later in 2022, with output forecast to decline in each quarter from Q4 2022 to Q4 2023.
Confidence
GfK’s Consumer Confidence Index remained at a record low in July, staying flat at 00.
The major purchases index rose for the first time in seven months, increasing one point to 00. But this is still 36 points lower than the same month a year ago.
Business confidence fell by 00 points to 00% in July, reflecting a further deterioration in optimism about the economy (Lloyds).
Inflation
The headline inflation rate accelerated further in June to 00% (9.1% last month) remaining at a 40-year high – slightly ahead of economists forecasts of a 9.3% uplift.
The Retail Economics Cost of Living Tracker shows that discretionary income (money left after paying for essentials) among the least affluent fell 00% YoY in June, compared to 00% for the most affluent.
The Bank of England raised interest rates again in August from 1.25% to 1.75%, with inflation now forecast to reach as high as 00% in Q4 2022.
Credit and Housing Market
The latest data shows that the housing market continues to…
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Inflation continues to climb
Source: ONS, Retail Economics
