Skip to content
Search

Latest Stories

UK shop prices see first annual drop in three years: Survey

The British Retail Consortium (BRC) reported that shop prices fell by 0.3 per cent in August compared to the same month last year.

People pass a souvenir shop on Oxford Street in London. (Photo credit: Getty Images)
People pass a souvenir shop on Oxford Street in London. (Photo credit: Getty Images)

BRITISH shop prices experienced an annual decrease this month for the first time since October 2021, driven by summer sales in clothing and household items, according to a survey released on Tuesday.

The British Retail Consortium (BRC) reported that shop prices fell by 0.3 per cent in August compared to the same month last year. This follows a 0.2 per cent increase recorded in July.


Non-food prices saw a decline of 1.5 per cent, marking the largest drop in over three years. Meanwhile, food prices rose by 2.0 per cent, a slight slowdown from July’s 2.3 per cent increase, representing the smallest rise since November 2021.

"Shop price inflation has decreased again in August as many non-food retailers have maintained promotional support due to unpredictable weather," said Mike Watkins, head of retailer and business insight at NielsenIQ, which compiles the data.

"Food retailers have also introduced more price cuts to boost sales during the 'summer of sport'," Watkins added, referencing events like the Paris Olympics and the men's Euro 2024 soccer tournament.

The BRC survey monitored prices in major retail chains between August 1 and August 7.

The latest official data on annual consumer price inflation, which includes services as well as goods, showed a rise in July to 2.2 per cent, up from 2.0 per cent earlier in the year.

The Bank of England (BoE) expects CPI inflation to reach around 2.75 per cent by the end of the year as the impact of significant energy price reductions in 2023 wanes. The BoE predicts inflation will return to its 2 per cent target in the first half of 2026.

Earlier this month, the BoE cut interest rates from their 16-year high, and investors anticipate at least one more quarter-point reduction before the year ends.

(With inputs from Reuters)

More For You

India jewellery

The US accounts for nearly £7.6 billion, or 30.4 per cent, of India’s annual gems and jewellery exports.(Photo: Reuters)

Reuters

India’s jewellery exports face decline as US tariffs hit

INDIA’s £24 billion gems and jewellery industry is preparing for a sharp decline in exports as the US imposes a 26 per cent tariff on Indian goods.

Industry officials said this would significantly affect sales to the US, India’s largest jewellery market.

Keep ReadingShow less
ronnie screwvala

Ronnie Screwvala’s rise to billionaire status is an inspiring story of vision

Getty

Ronnie Screwvala: From toothbrush seller to Bollywood's lone billionaire

The 2025 edition of the Forbes Billionaire List was released on Wednesday morning, showcasing the world's wealthiest individuals. The list features 3,028 billionaires globally, including 205 from India. Among these is Bollywood's only billionaire, Ronnie Screwvala, a media mogul whose journey from manufacturing toothbrushes to becoming a leading entrepreneur is nothing short of remarkable. With a net worth of $1.5 billion, Screwvala has surpassed the combined fortunes of Bollywood’s biggest stars, including Shah Rukh Khan, Salman Khan, and Aamir Khan.

Bollywood’s wealthiest man

Ronnie Screwvala stands as the richest person from the Hindi film industry, with a fortune exceeding that of its biggest icons. According to Forbes, his net worth of $1.5 billion surpasses the combined wealth of Shah Rukh Khan ($770 million), Salman Khan ($390 million), and Aamir Khan ($220 million), whose total stands at $1.38 billion. Additionally, he eclipses other notable figures such as Gulshan Kumar (approximately $900 million) and Aditya Chopra ($800 million). His financial success is a testament to his entrepreneurial acumen and strategic investments in both entertainment and education sectors.

Keep ReadingShow less
Donald Trump

Trump announced a series of tariff increases targeting various nations, including key US allies such as the UK and the European Union.

Getty Images

Trump’s tariffs hit global markets, Starmer warns of 'economic impact'

The UK and other global economies reacted on Thursday to US president Donald Trump's newly imposed tariffs, with prime minister Keir Starmer warning of an “economic impact” from the 10 per cent levy on British exports.

Trump announced a series of tariff increases targeting various nations, including key US allies such as the UK and the European Union.

Keep ReadingShow less
Airbus bets on Indian supply
base to scale up production

Guillaume Faury

Airbus bets on Indian supply base to scale up production

AIRCRAFT maker Airbus plans to significantly ramp up its annual sourcing of components and services from India to reach $2 billion (£1.54bn) by 2030, its CEO Guillaume Faury has said.

Describing India as one of the most important markets for Airbus in terms of growth, Faury said the challenge for the aircraft maker is to support the speed of the growth of the aviation industry in India.

Keep ReadingShow less
nintendo switch 2

The new console aims to build upon the success of its predecessor while introducing fresh innovations

Getty

Nintendo unveils Switch 2 - A new era for hybrid gaming begins

After months of speculation and cryptic teaser campaigns, Nintendo has officially announced the highly anticipated successor to its bestselling hybrid console. The Nintendo Switch 2 is set to launch on 5 June, with a price tag of £395.99 for the base package and £429.99 for a bundle including Mario Kart World. With a range of hardware improvements, redesigned controllers, and an exciting lineup of games, the new console aims to build upon the success of its predecessor while introducing fresh innovations.

A Bigger, Sharper Display and 4K Support

One of the most noticeable upgrades in the Nintendo Switch 2 is its display. The console now features a larger 7.9-inch screen, boasting twice the pixel count of the original Switch and supporting full 1080p resolution. Additionally, the display is capable of up to 120 frames per second, ensuring smoother animations, while high dynamic range (HDR) enhances colour contrast for a richer visual experience. Despite these improvements, the Switch 2 maintains the same thickness as the original model, preserving its signature portable form factor.

Keep ReadingShow less