Economy News

Fuel prices risen by nearly 25% since 2010, says Road Haulage Association

The overall price of fuel has risen by almost a quarter in just 18 months, the Road Haulage Association (RHA) has stated.

In a question and answer session, the organisation said that since the start of 2010, petrol prices rose 20.6% in duty and commercial rises, however the figure is close to 23% when the recent rise in VAT is considered.

The survey showed the diesel average as 93.96ppl excluding VAT whilst forecourt prices for the public were 113.70ppl inc VAT at the lower 17.5% rate.

Greg Bell's Economic Blog

Retail sales are again down in May eclipsing the surge in sales in April with a 1.1% gain followed by a sobering 1.4% reduction in May. The net effect will be for retailers to again dust down the SALE banners which is good news for consumers but will only serve to bring forward purchases at lower values that will leave a hole in future sales projections.

The cost of food and energy continues to drive inflation that is keeping the economy in positive growth territory.

Bank of England looks at Google habits to track economic trends

The Bank of England is increasingly turning to Google and peoples’ search habits to measure the economy, the bank announced in its latest quarterly bulletin.

So whether you’ve been searching for ‘jobs’ or ‘unemployment’, you may have been helping the Bank collect data on the state of the economy.

Google’s ‘Insights for Search’ is proving to be a popular tool to determine what economy-related terms people have been searching and in what volume, as it can track and compare searches from 2004 onwards.

UK manufacturing dropped in April 2011 – don’t let cashflow issues become a problem

The Office for National Statistics (ONS) figures revealed that manufacturing saw a sharp drop of 1.5% in production between March and April, the biggest monthly drop for over 2 years, as the royal wedding, two consecutive bank holidays and the impact of the Japanese tsunami hit hard.

The month, which featured only 18 working days, was particularly ‘unusual’, according to the ONS, due to the bank holiday weekend created by the royal wedding and the effects of the Japanese Tsunami.