Soaring prices forced UK shoppers to pull back on spending in August with new figures showing a drop in retail sales for the first time this year.
UK shoppers tightened belts in August, buying fewer items, spending less
Both the value and the volume of sales in the UK’s retail sector dropped last month for the first time since the end of 2021, as shoppers tighten their belts in the face of soaring prices.
Retail sales volumes declined by 1.6 per cent in August, higher than the 0.5 per cent expected, building on a downward trend that started around a year ago when Covid-19 restrictions were lifted for the hospitality sector.
Since then volumes have fallen as people switch from buying beer and food in shops to going to local pubs or restaurants, for example.
But the amount that people spent at retailers rose by 8 per cent between July 2021 and July this year. Then in August, this dropped by 1.7 per cent from the month before.