A grim stagflationary situation
21 April 2023
Nothing seems to be right with UK plc at present - the economic data can’t catch a break. UK retail sales for March, which was one of the wettest on record, fell 0.9% on a monthly basis, near double the decline forecast by analysts. The picture of record high inflation and a cost of living crisis explains this fall in sales (along with the weather). The counterpoint of higher rates being used to target inflation, while necessary, is hardly going to help the UK consumer that is retrenching spending. A grim stagflationary situation that seems to be getting no better.
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The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information. Past performance is not an indicator for the current or future development.