UK retail sales slump amid rising inflation

London : Amid rising inflation, UK retail sales contracted 0.3 per cent year-on-year in April against a 51.1 per cent increase in April 2021 and were the first for sales growth. In the fall, industry data showed. This is lower than the three-month average growth of 3.2 percent and the 12-month average growth of 6.4 […]
 


UK retail sales slump amid rising inflation

London : Amid rising inflation, UK retail sales contracted 0.3 per cent year-on-year in April against a 51.1 per cent increase in April 2021 and were the first for sales growth. In the fall, industry data showed.

This is lower than the three-month average growth of 3.2 percent and the 12-month average growth of 6.4 percent, Xinhua news agency quoted a statement issued by the British Retail Consortium on Tuesday.

Since the figures have not been adjusted for inflation, the actual fall will be much higher.

Industry Chief Executive Helen Dickinson said, “The rising cost of living has crushed consumer confidence and put the brakes on consumer spending. Sales growth has been slowing since January, although the true extent of this decline is hidden by rising inflation.” Body.

Dickinson said big-ticket goods suffered the most, as consumers spent more on furniture, electricals and other household items.

Britain’s consumer price index rose 7 percent in March, reaching a new 30-year high. This is expected to rise further mainly due to the very high energy price cap since April.

In its monetary policy summary published on May 5, the Bank of England said the country’s inflation is expected to rise further over the rest of the year, averaging just over 9 percent in the second quarter of 2022 and slightly over 10 percent in the fourth quarter. peak.