Retail Sales Decline as Living Expenses Rise.
Inflation in the UK, which gauges how quickly prices grow, fell in August for the first time in over a year, falling to 9.9% from July's 10.1%. Foto: schiffgold.com. According to the Office for National Statistics (ONS), sales decreased by 1.6%, a decline that has been ongoing since the summer of 2021 and was significantly higher than economists had anticipated. The ONS said retail sales declined during the month in all major industries, including food, non-food, online, and fuel. While alcohol and cigarette sales increased by 6.3% in August, supermarket sales volumes decreased by 0.9%. The monthly sales decline in August was the greatest since December 2021. "This is markedly worse than the forecast of a 0,5% fall, and indicates rising prices and the cost of living crisis is stopping consumers from reaching for their purse when it comes to extra spending," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, to the BBC.com . Households have cut back on spe...