UK retail sales fall in May | The Daily Star
12:00 AM, June 16, 2017 / LAST MODIFIED: 12:00 AM, June 16, 2017

UK retail sales fall in May

British retail sales fell by more than expected in May as consumers were hit in the pocket by high inflation, official data showed on Thursday.

Sales by volume dropped by 1.2 percent last month after jumping by an upwardly-revised 2.5 percent in April, the Office for National Statistics said in a statement.

Analysts' consensus forecast had been for a fall of 0.8 percent in May after warm weather had boosted sales the previous month.

"Increased retail prices across all sectors seem to be a significant factor in slowing growth" during May, ONS senior statistician Ole Black said in Thursday's release.

Official data earlier this week showed that British inflation surged in May close to a four-year high at 2.9 percent, as a Brexit-fuelled slump in the pound pushed up import costs.

And with wages growth failing to match the rises in inflation, consumers are limiting how much they spend in stores and online.

The ONS on Thursday added that retail sales rose 0.9 percent in May compared with the same month in 2016.

"We have not seen lower growth on the year since April 2013," said Black.

Stay updated on the go with The Daily Star News App. Click here to download it for your device.

Grameenphone and Robi:
Type START <space> BR and send SMS it to 2222

Banglalink:
Type START <space> BR and send SMS it to 2225

Leave your comments

Top News

Top News

Top