Inflation down

Inflation, January 2014: ONS

  • 1.9% growth in Consumer Prices Index (CPI) in the year to January 2014, down from 2.0% in December 2013.
  • The fall in the rate resulted from price movements for recreational goods & services, furniture & household goods and alcoholic beverages & tobacco. These were partially offset by price movements for miscellaneous goods & services.
  • 1.8% growth in CPIH (includes owner occupiers’ housing costs) in the year to January 2014, down from 1.9% in December 2013. RPIJ (an improved variant of the Retail Prices Index) grew by 2.1%, up from 2.0% in December 2013.

European GDP up

GDP Q4 2013: Eurostat

  • GDP rose by 0.3% in the euro area (EA17) and by 0.4% in the EU28 during the fourth quarter of 2013, compared with the previous quarter
  • In the third quarter of 2013, GDP grew by 0.1% in the euro area and by 0.3% in the EU28.
  • Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.5% in the euro area and by 1.0% in the EU28 in the fourth quarter of 2013, after -0.3% and +0.2% respectively in the previous quarter.
  • Over the whole year 2013 , GDP fell by 0.4% in the euro area and rose by 0.1% in the EU28.

Record shop price deflation

Record shop price deflation, Jan 2014:  BRC

  • Overall shop prices reported deflation for the ninth consecutive month in January, accelerating to 1.0% from 0.8% in December.
  • This is the deepest level of deflation since the series began in December 2006.
  • Food inflation slowed to 1.5% from 1.7% in December. Non-food reported annual deflation of 2.7% in January from 2.3% in December.

 

European trade volume

European trade volume, Dec 2013: Eurostat

  • In December 2013 compared with November 2013, the seasonally adjusted volume of retail trade fell by 1.6% in the euro area (EA17) and by 0.8% in the EU28
  • In November retail trade increased by 0.9% and 0.8% respectively
  • In December 2013 compared with December 2012 the retail sales index decreased by 1.0% in the euro area and rose by 0.1% in the EU28
  • The average volume of retail trade for the year 2013, compared with 2012, fell by 0.9% in the euro area and by 0.2% in the EU28