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According to the Office for National Statistics’ (ONS) latest Consumer Prices Index (CPI) measure, inflation recorded at 3% last month, the same as what was recorded in the month of September.
However, the figure expected to rise around 3.1% in the month, according to forecasters polled prior to the ONS releasing the latest figure today, which would have forced Bank of England (BoE) Governor Mark Carney to write a letter to Chancellor Philip Hammond explaining why inflation is so high.
The government has an inflation target of 2% with protocol dictating that the BoE must contact the Chancellor if inflation exceeds 3% or falls short of 1%.
The BoE expects CPI to peak at around 3.2% in the autumn.
The news came just after the interest rates were raised to 0.5% earlier this month and with soaring inflation adding more pressure to UK households grappling with sluggish wage growth.
Since last year’s Brexit referendum, the surge in

According to Springboard and the British Retail Consortium (BRC) data footfall fell 2% coming below the 3 month average decline of 1.4% and nudging the post referendum 2.3% slump.
The East of was the only region where the footfall growth can be seen over the period rising by 1% and marking the eleventh quarter of consecutive growth.
There is a drop of 1.5% in the high street footfall of East Midlands slowing from 2.8% decline seen a month prior. The only areas to experience high street growth up 1.4% and 0.6% were East and Wales respectively.
“Both high streets and shopping centres are clearly under pressure, with footfall during retail trading hours dropping by more than -3 per cent in each,” Springboard’s marketing and insights director Diane Wehrle said.
The fact that retail park footfall slipped into negative territory – even at daytime hours whilst prior to November recording seven consecutive months of growth, which clearly gives evidenc

According to shopping and comparison website MySupermarket’s an average monthly Groceries Tracker found the price of a basket containing 35 popular items came to £85.22 when compared to the previous month‘s £84.90.
Overall, there is an increase in cost of 16 products, 18 decreased and 2 items stayed at the same price.
Comparing October this year to same period last year, the same basket of goods costs £1.94 more on average which equates to a 2% year on year increase.
The latest Groceries Tracker was released just a week after BRC-Nielsen Shop Price Index, which indicated that overall shop prices decreased at their slowest rate in 4 years during October at just -0.1%.
BRC-Nielsen found that food prices continued to remain in inflation territory with a 2.2% increase.
MySupermarket’s tracker found the price of an average basket of goods up by the trolley staples such as onions and toilet rolls. Savings were possible on seasonal items in

The towns which have received a portion of the £1.2 million grant in 2012 have lost nearly 1000 shops according to The Telegraph.
According to Local Data Company, the closures were in line with the rest of the country. One in five stores closes their shutters.
Mary Portas has accused the government of using her “Save the High Street” campaign as a PR tool, alluding efforts being made to support her when no policies had been created.
She told to The Telegraph that “It feels like there was this great splash from government, which they were getting behind businesses. But they can’t say that and then treble rates – they need to think about the effects on business”.
“We need real policy change. Business needs to be at the heart of planning as the government decides what kind of country we want to live in because the high street is the heart of every community. With rising wages and increased import costs rates is the one area that can be sorted

According to the data from YouGov and Centre for Economic and Business Research (Cebr), the Index of Consumer Confidence stood at 109.3, up from 108.7 in the month of September and marking the highest score since March.
“Consumer confidence continues on its upward trend. While more number of people than not expect to be worse off in a year’s time, that gap has narrowed,” according to YouGov head of reports Stephen Harmston.
Further to this, more business activity seen by the employees. The news is offset somewhat by house owners and believes that the value of their properties has decreased.
Consumer confidence yet to return to pre-referendum levels, confidence over forward looking household finances has jumped to 94.0 from 92.3 highest since September 2016.
This contrasts from the CBI with today’s sales figures. It shows a level of decline which is not seen since 2009.

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