Dow Jones Newswires: U.K. retail sales fall more than forecast in August as cost-of-living crisis hit spending

0
11

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.

Economists polled by The Wall Street Journal expected retail sales to decline 1.4% on month.

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.

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleU.K. retail sales fall a bigger-than-expected 1.6% as inflation bites
Next articleEuropean delivery rivals slump after FedEx profit warning

LEAVE A REPLY

Please enter your comment!
Please enter your name here