U.K. retail sales fall a bigger-than-expected 1.6% as inflation bites
Retail sales in the U.K. declined in August as falling households’ real incomes due to high inflation weighed on consumer spending on goods.
Retail sales volumes fell 1.6% on month in August, swinging from a revised 0.4% increase in July, the Office for National Statistics said Friday.August’s monthly fall was broad-based, with declines in all main sectors, the ONS said. The U.K. gross domestic product grew slightly in July, led by a rebound in the services sector, but economists broadly expect the country’s economy to face a recession in the coming quarters as the cost-of-living crisis hits consumption and investment.
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