Loblaw chairman Galen Weston Jr, the creaseless face of inherited Canadian wealth, smiled serenely at parliamentarians as he explained why, when it came to rising food prices, his company was blameless. Speaking to an agri-food committee in the spring of 2023, he told them that Loblaw’s profit “goes back into the country.” “The profit we … Read more
As we find ourselves in a crucial period of economic transition, with positive but slowing growth, we are facing some critical policy decisions with major impacts on consumers, the retail industry and the broader economy. National Retail Federation Chief Economist Jack Kleinhenz recently highlighted that, much like in 2017, we are in a phase of waiting … Read more
– British retail sales bounced back in May after a slump in April that could have been caused by the timing of Easter and bad weather.
– The Confederation of British Industry’s monthly retail sales balance recovered to +8 this month after tumbling to -44 in April.
– More retailers felt sales were normal for the time of year than at any other time in the past eight months.
– The CBI’s measure of selling price inflation was its slowest since August 2020 and was below its long-run average.
– The British Retail Consortium said its measure of shop prices showed the weakest increase in two-and-a-half years this month.
– Falling inflation and continuing real wage growth will contribute to a healthier consumer outlook, supporting the retail sector further.
The Retail Trade Turnover Value Index and Volume Index both increased in March 2024 compared to the same month in 2023. The Value Index had a 5.5% increase, and the Volume Index had a 5.2% increase. For the period January-March 2024, the Value Index increased by 5.4% and the Volume Index by 4.9% compared to the same period in 2023. The highest percentage increase in the Value Index was in food, beverages, and tobacco in specialized stores (13.2%), pharmaceutical and orthopedic products, cosmetics (11.8%), and educational and entertainment goods (10.5%). The highest decrease was in retail trade outside stores (-13.4%). The highest percentage increase in the Volume Index was in educational and entertainment goods (10.5%), food, beverages, and tobacco in specialized stores (10.4%), and pharmaceutical and orthopedic products, cosmetics (9.7%). The highest decrease in the Volume Index was also in retail trade outside stores (-13.4%).
Fact: Cyprus’ retail sector experienced a significant upturn in March 2024, with a 5.5% increase in the retail trade turnover value index compared to the previous year.
The government’s termination of the zero tax rate on motor oil and petrol has led to an increase in fuel prices by 8.3 cents/litre, affecting citizens’ transportation and the retail sector. A green tax is expected to be imposed in October-November, further increasing fuel prices. The international Brent price is currently around per barrel, indicating that prices are unlikely to decrease soon. The average price of unleaded petrol in the EU-19 as of March 25 was €1,813.10, showing an increase of 1.05% from the previous week.