Retail sales drop as squeezed households slash food spending

Heather Bovill, ONS Deputy Director, said: “Feedback from supermarkets suggests that customers are spending less on their grocery store due to the rising cost of living.”

Sales growth in April was also severely downgraded to 0.4% from 1.4%, raising the specter of a slowdown in consumer spending that would propel the UK into a contraction in the second quarter.

Fidelity International’s Emma-Lou Montgomery said: “With the prices of even the most basic groceries and commodities rising significantly, many consumers are already adopting more defensive spending patterns, such as shopping. B. Self-imposed checkout limits.”

The drop was only marginally better than economists feared, with the city’s consensus pointing to a 0.7 percent drop.

It adds to a set of dismal economic numbers for May, which also include higher-than-expected borrowing and a new 40-year high in headline inflation.

Supermarket sales fell 1.5 percent, while sales of tobacco, alcohol and other beverages fell 4 percent. Retail sales drop as squeezed households slash food spending

Russell Falcon is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button