Retail sales in UK fall as high living costs hit spendingBloombergUK retail sales fell last month as soaring food prices and the wider cost of living crisis forced consumer to cut back on spending. Photo: ReutersThe drop — the third in the past four months — was driven by a 1.6 percent fall in food sales, particularly at large supermarkets, which the ONS linked to soaring prices. Data earlier this week showed overall inflation hit a four-decade high of 9.1 percent last month. With wages failing to keep pace with rising prices, consumer finances are being squeezed and leading to a more gloomy outlook than during the depths of the COVID-19 pandemic. RETAIL DRAGSales at supermarkets fell 1.5 percent last month, while sales of tobacco, alcohol and other drinks dropped 4 percent, the ONS said.

Source: Taipei Times June 24, 2022 22:07 UTC