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UK retail sales slumped in August amid cost-of-living pressures on consumers, figures from the Office for National Statistics showed on Friday.
Retail sales fell 1.6% month-on-month, far worse than the forecast 0.5% decline, according to FXStreet-cited consensus. This reversed a 0.4% rise in July.
The ONS said August's data continued ‘a downward trend since summer 2021 following the lifting of restrictions on hospitality; in recent months, rising prices and cost of living are also affecting sales volumes.’
All main sectors - food, non-food, non-store retailing and food - fell over the month, something which has not happened since July 2021, when all Covid restrictions on hospitality were lifted.
Food store sales volumes fell by 0.8% in August and were 1.4% below pre-Covid levels. The ONS noted that retailers have flagged increased food prices.
Annually, UK retail sales slumped 5.4% in August, deepening July's 3.2% decline.
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