British retail sales recorded a first year-on-year decline since 2013 last month as consumers struggled with fast-rising prices and stagnant wages. Although the fall was less severe than analysts had expected, the official data showed a 0.3 per cent year-on-year dip in sales volumes – the biggest since March 2013. Looking at the three months to October, which smooths out monthly volatility in the data, sales growth picked up to 0.9 per cent from 0.7 per cent in the three months to September. This meant sales volumes in the three months to October were just 1.1 per cent higher than the year before, the weakest growth rate since May, 2013. “Next year should be a better year as lower inflation and firmer wages reverse this year’s downwards trend.”– (Reuters)

Source: The Irish Times November 16, 2017 12:22 UTC