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Next reports strong profits but warns that ongoing Middle East conflict could increase costs and impact consumer demand. The retailer has set aside funds for higher shipping expenses but cautions that prolonged hostilities may lead to price hikes and reduced sales, depending on conflict duration.
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Retail sales in Scotland grew just 0.4% in December, below the three- and twelve-month averages, with inflation-adjusted sales declining 0.2%. Footfall was weak across the UK, with declines in shopping centres and retail parks, reflecting ongoing economic pressures and changing shopping habits.
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UK pub companies reported varied Christmas sales, with some experiencing strong growth despite rising costs and government rate hikes. While some chains posted record festive sales, others faced a downturn amid economic pressures and subdued consumer confidence. Industry support measures are anticipated.
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UK grocery inflation slowed to 1.1% in February, the lowest in three months, driven by fierce retailer competition and falling global costs. Food inflation decreased to 3.5%, with non-food prices also easing. The Bank of England monitors food prices closely as they influence overall inflation expectations.