Finance
News
Prices Creep Upwards
The Government’s latest Index Retail numbers make for interesting reading. They show the cost of living continued its upward trend, with the Retail Price Index (RPI) rising to 193.01 on 1 January 2025, up from 192.06 just three months earlier. This represents an increase of 0.5% over the quarter and an increase of 2.4% over the year.
Why it matters
The RPI measures the change in the cost of a fixed basket of goods and services, reflecting how price changes affect consumers and businesses alike. These figures are a key indicator for setting wages, pensions, and strategic business decisions. Inflation may be slowing, but it’s still rising — and likely affecting our members in different ways.
What are the figures?
Between 1 October 2024 and 1 January 2025, most categories saw price rises:What changed?
Transport & Vehicles: ↑ 0.05% (199.11 → 199.21)
Food: ↑ 0.65% (244.99 → 246.59)
Alcohol & Tobacco: ↑ 5.91% (276.63 → 293.01)
Clothing & Footwear: ↓ 1.53% (106.08 → 104.46)
Durable Household Goods: ↑ 0.19% (139.63 → 139.89)
Housing: ↑ 0.38% (156.17 → 156.76)
Services: ↑ 0.47% (221.14 → 222.19)
Other Goods: ↑ 0.05% (164.45 → 164.54)
The bottom line
The steepest rise came from alcohol and tobacco — a 5.91% quarterly jump. Meanwhile, clothing saw a dip. Businesses may be facing pressure from rising input costs, while consumers are feeling the pinch in everyday spending.
Are these changes affecting your business?
Join the conversation now in the GFSB Glue Up community. We want to hear your views.
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