Rising fuel and food prices are eating into household budgets as the impact of the Brexit vote on the value of the pound pushes up inflation, according to a Guardian analysis that casts doubt over how much longer consumers can continue to shore up the UK economy. Cracks are starting to show in the picture of economic resilience seen since last summer’s vote to leave the EU. Wage growth is slowing just as people’s living costs start taking off. Businesses are also feeling the pressures of the weak pound more intensely as it ramps up the cost of imported raw materials and energy while failing to provide the anticipated boon for exporters. Eight months on from the referendum, the Guardian’s monthly tracker of economic news shows business activity across a broad range of sectors has lost momentum, retail sales have fallen for three straight months and pay growth has slipped back despite the lowest unemployment rate for more than a decade. To gauge the impact of the Brexit vote on a monthly basis, the Guardian has chosen eight economic indicators, along with the value of the pound and the performance of the FTSE. The dashboard for February shows a worse… Read full this story
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