Shops cut prices for sixth month in succession
Shopkeepers are still furiously cutting prices in an attempt to retain market share and boost sales, despite the brisk economic recovery, a survey shows.
October saw the sixth consecutive month of annualised shop price deflation, according to the British Retail Consortium-Nielsen shop price index. Overall prices fell 0.5 per cent on the same month a year earlier. Although food prices rose by 2.7 per cent year on year, non-food prices fell 2.4 per cent, the fastest rate of deflation since December 2008.
"Despite the slightly more optimistic economic outlook... consumers are still reluctant, unwilling or, in some cases, unable to increase spend," said Mike Watkins of Nielsen.
A separate snapshot of the wider services economy, however, pointed to the fastest pace of growth in 16 years, fuelling hopes of another strong increase in GDP in the final quarter. The Markit/Cips Index of services purchasing managers surged to 62.5, up from 60.3 the previous month and hitting its highest level since May 1997. Any reading above 50 signals growth.
- 1 The black and blue dress: Makers considering a white and gold version
- 2 Man to be beheaded in Saudi Arabia after ripping up a Koran and hitting it with his shoe
- 3 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 4 PornHub turns masturbation into energy in bid to save the planet
Stephen Hawking's wife Jane Wilde on their marriage breakdown: 'The family were left behind'
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
Kelly Osbourne leaves Fashion Police after Zendaya dreadlocks racism row
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...