UK retail sales drop on Brexit-fuelled inflation
British retail sales fell more than expected in September, official data showed Thursday, against a backdrop of rising prices largely caused by a Brexit-hit pound.
"September's retail sales saw a monthly decline of 0.8 percent, reversing August's growth," said Kate Davies, senior statistician at the Office for National Statistics.
"However, there is a continuation of the underlying trend of steady growth in sales volumes following a weak start to the year, and a background of generally rising prices," she added.
Analysts' consensus forecast had been for a 0.1-percent drop in retail sales in September following an increase of 0.9 percent in August.
British inflation has picked up sharply in recent months as a Brexit-hit pound raised import costs.
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