Business

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.

https://www.telegraph.co.uk/business/2022/06/24/retail-sales-drop-squeezed-households-slash-food-spending/ Retail sales drop as squeezed households slash food spending

Russell Falcon

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