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UK Retail Economic Briefing Report summary

June 2022

Period covered: Period covered: May 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 fell by 00% MoM in April, missing expectations of 0.1% growth. The figures underscore a deteriorating outlook for the UK economy, with all three main sectors contracting together for the first time since lockdown in January last year (Services: -00%, Production: -00%, Construction: -00%).

OBR now forecast the UK economy to grow 00% over 2022, down from 6.0% growth previously, reflecting greater macro uncertainty and higher inflation.

Confidence

GfK’s Consumer Confidence barometer sank to a new record low in June, dropping 00 point to -00.

Four out of five measures were down, with only the major purchases index remaining flat.

Business confidence fell to a fifteen-month low in June, dropping 10 points to 00%. Although this is in line with long-run averages.

Inflation

The headline inflation rate edged higher in May to 00 % YoY, remaining at a 40-year high - in line with economists’ forecasts.

Producer Price Index data suggests there are more price rises in the pipeline. Factory gate inflation (output prices) accelerated to a 45-year high in May, rising to 00% from 14.0% last month.

The Retail Economics Cost of Living Tracker shows that discretionary income (money left over after paying for essentials) for the average household fell 00% YoY in May, compared to 3.2% for the most affluent.

Credit and Housing Market

The latest data shows that the housing market continues to…

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Inflation at 40-year high

Source: ONS, 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…