The latest statistics from the Office of National Statistics (ONS) the UK inflation rate has remained at a record in March. The ONS said consumer prices rose 0.2 percent between February and March but compared with a year earlier, prices were unchanged, in line with economists’ forecasts.
Inflation has not been this low since 1989 when comparable data began. The prospect of falling prices is unlikely to draw a policy response from the Bank of England to raise interest rates early, these are expected to remain at 0.5% until 2016.
Clothing prices dropped by 0.1 percent from February to March, this is a first time a fall between the two months has been recorded. Subdued gas prices have also contributed, helping to reduce household bills along with the overall fall in fuel prices over the past year.
With inflation staying at a low consumers are increasing their spending.
The British Retail Consortium said the value of total retail sales in March was 4.7 percent up on a year earlier, the biggest year-on-year rise since April 2014, and much stronger than the 1.7 percent growth recorded in February.
So good news for shopaholics then and for retailers in Hastings and the surrounding areas too.