Britain gripped by massive recession as annual growth hits 2.1% and retail figures jump 0.8%

Another month and another surprising ok set of figures released today by the Office of National Statistics. It turns out that, rather than an expect 0.2-3% drop in retail sales for July, we’ve had a 0.8% rise. This means annual growth in the retail sector is 2.1%. Lower than usual but not exactly harking back to the Great Depression.

Naturally the people who got their estimates wrong have called into question the reliability of the figures, something they never seemed to do in all the other months the figures came out and they got it right (or less wrong). I know in the past the Tories have criticised the ONS, but then they use the figures themselves, which follows the idea that if something proves your point, it’s correct and you can use it, if it doesn’t, call the figures into question.

What is encouraging is that growth has been recorded right across the sector, in household goods, clothes, electricals and furniture. The main worry is that rising costs could be passed on to consumers and thus pushing up inflation.

But frankly after all the doom and gloom about the economy it’s good to see some positive figures. Though with regards the retail sector, it does seem that every other month we get good figures, hence them being called into disrepute by the ‘experts’.

Inflationary Worries

I wrote this post back when inflation jumped from 2.5% to 3%. For some reason it has languished in my draft folder since then, I think because I wanted a big list of ways we could save money during this period, but in the end I couldn’t be bothered as there are similar lists in every magazine at the moment so it felt kinda futile. However the wider points in the post I like so here it is:

To whoever found this site searching for ‘cock inflation’ - I’m sorry.

Inflation worries - My thoughts, and a couple of pointers.

Well the economic reality is beginning to resemble the media coverage of it over the last six months. Many people and families will be going through some tough times at the moment, energy bills rising, food costs rising, below inflation pay rises - it’s not getting any easier. Though it will be a bit easier for the 22 million people helped by the governments package yesterday.

Even so, there’s a little part of me that still cocks an insolent eyebrow when I read the papers. Allegedly, inflation is ’soaring’ now it’s jumped 0.5% in a month to 3%.