Friday, 27 January, 2023

UK retail sales slide in Dec amid high inflation

UK retail sales slide in Dec amid high inflation

LONDON: According to Friday’s official data, UK retail sales slid one percent in December, the key Christmas trading period, with consumers hit by sky-high inflation, reports AFP.

Sales by volume dropped for a second month running after a fall of 0.5 percent in November, the Office for National Statistics said in a statement.

Retail sales dropped again in December, with feedback suggesting consumers cut back on their Christmas shopping due to affordability concerns, said Heather Bovill, ONS deputy director for surveys and economic indicators.

Official data Wednesday showed UK annual inflation slowed to 10.5 percent in December.

However it remains close to a four-decade high that is causing a cost-of-living crisis and mass strikes by workers, including nurses, teachers and the railway sector.