UK consumer spending defied talk of recession in July, data from industry bodies showed on Tuesday, but it still failed to match the pace of overall inflation (The Financial Times £).
July could be the “lull before the storm” for retailers and consumers after the heatwave boosted sales of summer clothing, picnic treats and electric fans despite the intensifying cost of living crisis, experts have warned (The Guardian).
Spending on credit and debit cards rose by nearly 8% last month as people spent more on bills, fuel and electric fans but cut back on meals out and trips abroad (The Times £).
Cash has made a comeback as a result of the cost of living crisis, with record amounts being withdrawn as consumers increasingly rely on notes and coins to help them manage their budgets, figures from the Post Office show (The Guardian).
The price of olive oil is set to rise as heatwaves hit production in Spain, a leading exporter has warned (BBC News).
Supermarket shoppers could soon be checking the environmental impact of food before putting it in their trolleys, thanks to new research (BBC News).
An exodus of over 50s who left the workforce during the Covid pandemic is fuelling wage inflation, says the boss of John Lewis (BBC News). Dame Sharon White said any government must think “really hard” about how to get more older people back into work.
WH Smith could be in line to make a small surplus from its traditional staff pension scheme, which was once in such bad shape that it scuppered a £900m buyout bid for the retailer (The Times £).
America’s oldest stock market index moved closer to exiting a bear market yesterday after the publication of strong jobs numbers on Friday and amid hopes that the world’s largest economy can avoid a recession (The Times £).
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