The Office for National Statistics said the total volume of retail sales, which measures the quantity bought, rose by 0.7% in March.

Economists have however suggested that continued inflationary pressure could lead to a rate hike in the summer.

Bank officials also found that the conflict in the Middle East has ‘eroded’ confidence that the economy will improve.

Sainsbury’s boss Simon Roberts said shoppers have become ‘even more focused on the cost of living’ since the conflict started.

Rain Newton-Smith highlighted that British firms see increased trade with Chinese firms as an opportunity to drive growth.

Facebook and Instagram owner Meta said it plans to cut around 8,000 jobs, or 10% of its workforce, to help boost efficiency.

On Thursday, Sainsbury’s warned that the war would ‘impact both our customers and our business’.

Survey data also found that private sector growth rebounded this month as firms sought to build up stocks.

Following the start of the war, Tui repatriated around 5,000 passengers from two cruise ships anchored in ports in Abu Dhabi.

The rate of Consumer Prices Index (CPI) inflation increased to 3.3% in March from 3% in February, the Office for National Statistics said.

The Office for National Statistics reported an annual rate of Consumer Prices Index inflation of 3.3% in March.

Consumer Price Index (CPI) inflation is expected to have risen to 3.3% in March, according to a consensus of experts.

Consumer Price Index (CPI) inflation is expected to have risen to 3.3% in March, according to a consensus of experts.

The FTSE 100 company saw shares lift higher in early trading on Tuesday as a result.

Associated British Foods, which also owns grocery brands including Twinings and Hovis, said it expects to separate Primark by the end of 2027.

The Civil Aviation Authority launched a consultation last year on the regulatory treatment of early costs of Heathrow expansion.

The advertising giant held off from handing shareholders a dividend as it battles ‘tough’ macroeconomic conditions.

Tesco said that profits could dip over the current year as it flagged increased uncertainty linked to the conflict in the Middle East.

Shares in the UK’s second largest supermarket chain sit close to a 12-year high after increasing its share of the grocery market.

The homeware and furnishings retailer saw shares fall in early trading on Thursday as a result.