IMF raises UK growth forecast in boost for chancellor - business live
Rolling coverage of the latest economic and financial news In some unwelcome news for shoppers – UK grocery price inflation has risen again, up to 2.5% in the four weeks ended on 4 October, up from 2.3% in the prior month, according to new figures from Worldpanel by Numerator. Fraser McKevitt , head of retail and consumer insight at Worldpanel by Numerator , said: With the autumn budget fast…
The UK government's budget plans received a boost as the International Monetary Fund (IMF) raised its growth forecast for the country. This news comes as shoppers face persistent cost of living pressures, with grocery price inflation reaching 2.5% in the latest four-week period. Worldpanel by Numerator head Fraser McKevitt highlighted the impact of rising petrol prices, with over half of shoppers expressing concern over fuel costs and one in three reporting financial strain.
The IMF's decision to increase its growth outlook underscores the resilience of the UK economy despite these challenges. However, the report warns that supply-side resilience and fiscal buffers are nearing their limits, emphasizing the need for replenishment to withstand future shocks.
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