fellow Posted March 24, 2023 Share Posted March 24, 2023 (edited) Retail sales pick up as consumer confidence rises to 'highest level in a year' https://news.sky.com/story/retail-sales-pick-up-as-consumer-confidence-rises-to-highest-level-in-a-year-12841274 Quote Official figures have shown a much larger than expected pick up in retail sales last month as a closely-watched measure of consumer confidence reaches its highest level in a year. The Office for National Statistics (ONS) reported a 1.2% rise in sales volumes in February compared to the previous month, adding that the performance took sales back to their pre-COVID era level. It was much better than economists had predicted as only a slight uptick was expected amid the continuing cost of living crisis. The ONS also revised sharply upwards, to 0.9%, the 0.5% volume growth it had originally recorded for January after the tough Christmas for the high street. Its director of economic statistics, Darren Morgan, said: "Retail grew sharply in February with sales returning to their pre-pandemic level. Edited March 24, 2023 by fellow Quote Link to comment Share on other sites More sharing options...
Sackboii Posted March 24, 2023 Share Posted March 24, 2023 Pay rises and benefit and pension rises collectively outstripping inflation then.. ? Quote Link to comment Share on other sites More sharing options...
fellow Posted March 24, 2023 Author Share Posted March 24, 2023 1 minute ago, Sackboii said: Pay rises and benefit and pension rises collectively outstripping inflation then.. ? The 10.1% benefit, minimum wage & pension rise hasn't even happened yet. This happens in April so will likely cause even more inflationary pressure. Quote Link to comment Share on other sites More sharing options...
Maghull Mike Posted March 24, 2023 Share Posted March 24, 2023 Quote Link to comment Share on other sites More sharing options...
Sackboii Posted March 24, 2023 Share Posted March 24, 2023 Just now, fellow said: The 10.1% benefit, minimum wage & pension rise hasn't even happened yet. This happens in April so will likely cause even more inflationary pressure. Ah yes good point. So must be existing wage rises and bungs, along with some debt still I’d imagine. No wonder the inflation figure was ‘surprisingly’ up. Quote Link to comment Share on other sites More sharing options...
winkie Posted March 24, 2023 Share Posted March 24, 2023 3 minutes ago, fellow said: The 10.1% benefit, minimum wage & pension rise hasn't even happened yet. This happens in April so will likely cause even more inflationary pressure. Hopefully now is the time to spend less use any extra income to pay down debt, reduce term, pay into a pension . Shop differently, holiday differently....cut out the agents where possible. Save for the next rainy day..... Quote Link to comment Share on other sites More sharing options...
fellow Posted March 24, 2023 Author Share Posted March 24, 2023 2 minutes ago, winkie said: Hopefully now is the time to spend less use any extra income to pay down debt, reduce term, pay into a pension . Shop differently, holiday differently....cut out the agents where possible. Save for the next rainy day..... Or the time to stock up before prices go even higher? Quote Link to comment Share on other sites More sharing options...
winkie Posted March 24, 2023 Share Posted March 24, 2023 4 minutes ago, fellow said: Or the time to stock up before prices go even higher? Stock up on what?....could or could have stocked up in a lower priced inflation country?..... Quote Link to comment Share on other sites More sharing options...
rollover Posted March 24, 2023 Share Posted March 24, 2023 Stop hiking prices! Bank of England governor reads the riot act on businesses trying to 'beat inflation' by heaping costs for consumers - as figures show Brits are spending far more to get less The Bank of England governor today warned businesses against trying to 'beat inflation' by passing pain on to consumers. Andrew Bailey said pushing up prices risked 'embedding' problems in the economy and forcing up interest rates. Retail sales figures today underlined the plight being faces by Brits, with the total value of goods bought up sharply over the past year but the volume lower. Mr Bailey said: 'I would say to people who are setting prices – please understand if we get inflation embedded, interest rates will have to go up further and higher inflation really benefits nobody. It hurts people, and it particularly hurts the least well off in society.' He added: 'If all prices try to beat inflation we will get higher inflation.' Daily Mail Quote Link to comment Share on other sites More sharing options...
Sackboii Posted March 24, 2023 Share Posted March 24, 2023 15 minutes ago, winkie said: Hopefully now is the time to spend less use any extra income to pay down debt, reduce term, pay into a pension . Great theory, sadly overlooked by most.. I’m sure they’d rather spend spare money in retail outlets, restaurants and takeaways.. Quote Link to comment Share on other sites More sharing options...
fellow Posted March 24, 2023 Author Share Posted March 24, 2023 Just now, rollover said: Stop hiking prices! Bank of England governor reads the riot act on businesses trying to 'beat inflation' by heaping costs for consumers - as figures show Brits are spending far more to get less The Bank of England governor today warned businesses against trying to 'beat inflation' by passing pain on to consumers. Andrew Bailey said pushing up prices risked 'embedding' problems in the economy and forcing up interest rates. Retail sales figures today underlined the plight being faces by Brits, with the total value of goods bought up sharply over the past year but the volume lower. Mr Bailey said: 'I would say to people who are setting prices – please understand if we get inflation embedded, interest rates will have to go up further and higher inflation really benefits nobody. It hurts people, and it particularly hurts the least well off in society.' He added: 'If all prices try to beat inflation we will get higher inflation.' Daily Mail Higher retail sales used to be bad news for HPC but now this is good news because interest rates will not be coming down any time soon. Either way, we have two routes to a HPC - higher interest rates or job losses, and we will most likely see the former followed by the latter. Quote Link to comment Share on other sites More sharing options...
winkie Posted March 24, 2023 Share Posted March 24, 2023 4 minutes ago, Sackboii said: Great theory, sadly overlooked by most.. I’m sure they’d rather spend spare money in retail outlets, restaurants and takeaways.. Retail therapy.....not unlike gambling, just can't help themselves......the quick hits, often later to regret.....win some lose some more. Quote Link to comment Share on other sites More sharing options...
Smiley George Posted March 24, 2023 Share Posted March 24, 2023 10 minutes ago, rollover said: Stop hiking prices! Bank of England governor reads the riot act on businesses trying to 'beat inflation' by heaping costs for consumers - as figures show Brits are spending far more to get less The Bank of England governor today warned businesses against trying to 'beat inflation' by passing pain on to consumers. Andrew Bailey said pushing up prices risked 'embedding' problems in the economy and forcing up interest rates. Retail sales figures today underlined the plight being faces by Brits, with the total value of goods bought up sharply over the past year but the volume lower. Mr Bailey said: 'I would say to people who are setting prices – please understand if we get inflation embedded, interest rates will have to go up further and higher inflation really benefits nobody. It hurts people, and it particularly hurts the least well off in society.' He added: 'If all prices try to beat inflation we will get higher inflation.' Daily Mail After years of zero interest rates and pumping free money into the economy, it's now our fault! There are no words to describe the contempt I hold for these liars. Central bank should be brought back into govt control, then at least the population can have an influence via the ballot box about policies which affect us all. Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted March 24, 2023 Share Posted March 24, 2023 22 minutes ago, rollover said: Stop hiking prices! Bank of England governor reads the riot act on businesses trying to 'beat inflation' by heaping costs for consumers - as figures show Brits are spending far more to get less The Bank of England governor today warned businesses against trying to 'beat inflation' by passing pain on to consumers. Andrew Bailey said pushing up prices risked 'embedding' problems in the economy and forcing up interest rates. Retail sales figures today underlined the plight being faces by Brits, with the total value of goods bought up sharply over the past year but the volume lower. Mr Bailey said: 'I would say to people who are setting prices – please understand if we get inflation embedded, interest rates will have to go up further and higher inflation really benefits nobody. It hurts people, and it particularly hurts the least well off in society.' He added: 'If all prices try to beat inflation we will get higher inflation.' Daily Mail The clowns have no idea what it's like out there. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted March 24, 2023 Share Posted March 24, 2023 9 minutes ago, NoHPCinTheUK said: The clowns have no idea what it's like out there. Is there no way we could have him arrested? Perhaps on grounds of insanity? Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted March 24, 2023 Share Posted March 24, 2023 1 hour ago, fellow said: Retail sales pick up as consumer confidence rises to 'highest level in a year' https://news.sky.com/story/retail-sales-pick-up-as-consumer-confidence-rises-to-highest-level-in-a-year-12841274 Oh look, it seems that Ukraine was not the major factor here, the two lines started to diverge in March 21. Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted March 24, 2023 Share Posted March 24, 2023 (edited) 14 minutes ago, zugzwang said: Is there no way we could have him arrested? Perhaps on grounds of insanity? Do you happen to know why they haven't uttered a word regarding the increase in house prices for the last 15 years? If a shop raises prices beacuse of the energy costs, costs of good and materials it's bad, if house prices go up 100% it's good. Edited March 24, 2023 by NoHPCinTheUK Quote Link to comment Share on other sites More sharing options...
Obiwoncanary Posted March 24, 2023 Share Posted March 24, 2023 This is misleading. We're sending more in cash terms as prices are higher, spending more on less and is a direct consequence of inflation Quote Link to comment Share on other sites More sharing options...
yodigo Posted March 24, 2023 Share Posted March 24, 2023 (edited) 1 hour ago, rollover said: Stop hiking prices! Bank of England governor reads the riot act on businesses trying to 'beat inflation' by heaping costs for consumers - as figures show Brits are spending far more to get less The Bank of England governor today warned businesses against trying to 'beat inflation' by passing pain on to consumers. Andrew Bailey said pushing up prices risked 'embedding' problems in the economy and forcing up interest rates. Retail sales figures today underlined the plight being faces by Brits, with the total value of goods bought up sharply over the past year but the volume lower. Mr Bailey said: 'I would say to people who are setting prices – please understand if we get inflation embedded, interest rates will have to go up further and higher inflation really benefits nobody. It hurts people, and it particularly hurts the least well off in society.' He added: 'If all prices try to beat inflation we will get higher inflation.' Daily Mail Pure "fake it 'til I make it"... telling others to do his job, should be sacked ASAP for that (we probably would be), but won't be Edited March 24, 2023 by yodigo Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted March 24, 2023 Share Posted March 24, 2023 Shoppers are increasingly negative about their personal finances (that measure of confidence has fallen) while they're increasingly confident about the economy at large (no doubt helped by the media which has spun this message a good deal over the last couple of months). Shows you exactly how brainwashing works... they don't apply the logic that if their personal finances are falling then that won't feed into economic recovery... the opposite, in fact... Quote Link to comment Share on other sites More sharing options...
Dreamcasting Posted March 24, 2023 Share Posted March 24, 2023 Ah Mr Bailey again. All talk, no or very little action Quote Link to comment Share on other sites More sharing options...
fellow Posted March 24, 2023 Author Share Posted March 24, 2023 1 hour ago, yodigo said: Pure "fake it 'til I make it"... telling others to do his job, should be sacked ASAP for that (we probably would be), but won't be A bit like when he warned people a few months ago not to ask for pay rises. That worked really well for him 🤣. Quote Link to comment Share on other sites More sharing options...
Casual-observer Posted March 24, 2023 Share Posted March 24, 2023 (edited) 3 minutes ago, fellow said: A bit like when he warned people a few months ago not to ask for pay rises. That worked really well for him 🤣. Yep, he totally led by example on that one as did MP's Edited March 24, 2023 by Casual-observer Quote Link to comment Share on other sites More sharing options...
bluegnu Posted March 24, 2023 Share Posted March 24, 2023 Consumer Confidence has basically lifted from record lows to 'just' about the same level as it was during the 2008 crash. Chart starts at 1974. https://uk.investing.com/economic-calendar/gfk-consumer-confidence-330 Quote Link to comment Share on other sites More sharing options...
winkie Posted March 24, 2023 Share Posted March 24, 2023 3 hours ago, NoHPCinTheUK said: Do you happen to know why they haven't uttered a word regarding the increase in house prices for the last 15 years? If a shop raises prices beacuse of the energy costs, costs of good and materials it's bad, if house prices go up 100% it's good. They don't care if property or other assets rise exponentially.....heaven forbid if wages rise, rising wages is bad inflation....property is good. Quote Link to comment Share on other sites More sharing options...
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