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 welcomes Bank of England's latest interest rate cut
Independent retailers association Bira has welcomed the Bank of England's decision to reduce interest rates from 4.5% to 4.25%, calling it a "much-needed boost" for the retail sector during challenging economic times.
-
Bira responds to Beales' "Rachel Reeves Closing Down Sale" as iconic store makes final protest
An independent retailers association has responded to the news that the 144-year-old Beales department store is staging a "Rachel Reeves Closing Down Sale" in its final weeks of trading, with giant yellow banners directly blaming the Chancellor for its closure.
-
Bira warns of 'Atrocious April' as shop price inflation rises
Bira has warned that independent high street shops are facing a "perfect storm" of declining in-store sales and rising costs, despite modest overall growth in the retail sector.
-
How local shops are breathing new life into our high streets
Independent stores are helping to redefine the high street experience, offering unique products and creating community hubs that bring people together and drive local vibrancy.
-
Bira welcomes new chapter for WHSmith high street stores
Bira has responded to today's announcement that WHSmith has sold its 480 high street stores to Modella Capital for £76 million, expressing cautious optimism for the future of these important retail spaces.