Top
image credit: Pixabay

Retail sales fall to lowest rate ‘since depths of pandemic’

July 12, 2022

Via: Sky News

The British Retail Consortium (BRC) said the value of total sales was 1% lower in June than a year ago.
That followed a 1.1% decline in May.

Like-for-like sales, which adjusts for changes in floor space, fell 1.3%.

However, the figures are not adjusted for inflation, which the BRC said was running at 3.1% among its members – the highest since 2008 as the cost of living crisis gathers pace.

The official consumer prices index measure of inflation facing consumers is at a 40-year high of 9.1% – led mostly by energy and fuel costs.

Separate data from Barclaycard on Tuesday showed consumer spending in June was 6.2% higher than a year earlier, pushed by a nearly 40% jump in spending on utilities.

Read More on Sky News