UK Spending Picks Up as Inflation Concerns Grow

British consumers ramped up their spending last month but some of the increase was due to higher motor fuel prices and concerns about higher inflation are growing, surveys showed on Tuesday.

The British Retail Consortium, representing the retail industry, said spending in shops jumped 2.4 percent compared with a year ago, the strongest annual growth since January and up from growth of 1.3 percent in September.

A separate survey from Barclaycard, the credit card division of Barclays (BARC.L), showed spending on its cards increased 5.5 percent year-on-year – marking the biggest jump since the survey started in 2011.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam