UK retail sales dropped for the second time consecutively, marking the 10th drop in 11 months, as consumers were outraged at runaway inflation, pushing the country closer to recession.
Following the revised 1.7% decline in August, the volume of goods sold in shops and online dropped to 1.4% in September. Retail Sales fall of September marks the 10th monthly fall in 11 months. Economists had expected a 0.5 per cent drop.
September’s retail sales fall volumes were partly driven by the extra bank holiday for Queen Elizabeth’s funeral when many retailers closed. According to the experts skyrocketing inflation and rapidly climbing household borrowing costs expecting to weigh further on retail volumes in the upcoming months.
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Core retail sales, which excludes vehicles and fuel sales, were likewise down 1.5% on the month and down 6.2% from a year ago. Regarding the Government finances, there was also bad news that the Net public sector borrowing surged to 19.25 billion pounds, well ahead of expected forecasts of 12.3 billion pounds. Since the record began in 1993, September’s record was the second highest.