Despite the high inflation, UK retail sales growth accelerated more than expected in June as good weather boosted food and non-food store sales, the Office for National Statistics reported Friday.
However, survey results from the market research group GfK showed that the consumer confidence weakened for the first time in six months in July. Separate data from the ONS today showed that the British budget deficit undershoot the government estimate in June. However, the deficit remained the third-highest for the month since records began in 1993.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.