British accountant and executive, CEO of the British Retail Consortium since 2013
July retail activity across the UK shows mixed momentum. Food and hospitality have benefited from warm weather and England’s World Cup run, while non-food and big-ticket categories lag. Card spending is higher than a year ago, and consumer demand remains fragile as inflation and costs weigh on shoppers.
Prices for non-food items have increased as chip shortages tied to the AI boom push up memory costs, with shop price inflation at its highest in over two years. Food inflation also jumps amid broader energy-cost pressures.
A run of fresh data shows the UK labour market remains resilient despite signs of cooling. Payrolls edge down; unemployment holds at 4.9%; wage growth remains mixed across private and public sectors, with vacancies at a post-pandemic low.