22 May 2024
Bira has said the inflation rate fall to 2.3% today is a good step towards bringing people back to the high street - but stresses the Bank of England needs to now reduce interest rates too.
Bira has reacted to the news that the UK inflation rate has fallen to a figure just below the Bank of England's target of 2%. This marks the lowest level in almost three years.
The fall, which is the lowest level in almost three years, means prices are still rising but just at a slower rate. Energy prices are at the heart of this, as they fell by 27.1% in April.
Andrew Goodacre, CEO of Bira said: "Inflation has fallen lower than expected and is now only slightly above the Bank of England target of 2%. Although the services sector and core inflation has not fallen as much, we hope that the Bank of England will have the confidence to reduce interest rates.
"Reducing interest rates is crucial to fully restoring consumer confidence and bring people back to the high streets," he said.
Related News
All News-
Bira warns of challenges ahead as BRC Consumer Sentiment Monitor shows record low confidence
Bira has responded to the latest BRC Consumer Sentiment Monitor, warning that the record low consumer confidence will create significant challenges for independent retailers in the coming months.
-
The High Street is Changing – and It’s Full of Life!
They said the high street was dying. But when we asked 54,000 people what they most wanted to see more of, 53% said independent businesses.
-
Historic store's closure 'signals death knell for high street', warns Bira
Bira has warned that the new Deposit Return Scheme (DRS), announced this week by DEFRA, could inadvertently disadvantage smaller high street retailers when it launches in October 2027.
-
Independent trade association warns of 'troubled times ahead' despite interest rate cut
A leading independent retail body has warned that retailers across Britain face troubled times ahead despite today's Bank of England interest rate cut to 4.5%, as the Bank halves its growth forecast for 2025 to just 0.75%.
-
Bira expresses alarm as WHSmith considers selling all UK stores
Bira has voiced serious concerns over the future of Britain's high streets following news that WHSmith is in talks to sell all 500 of its UK high street stores.