“Dow Jones Newswires: U.K. retail sales fall more than forecast in August as cost-of-living crisis hit spending”
Retail sales in the U.K. declined in August as falling households’ real incomes due to high inflation weighed on consumer spending on goods.
Retail sales volumes fell 1.6% on month in August, swinging from a revised 0.4% increase in July, the Office for National Statistics said Friday.
Economists polled by The Wall Street Journal expected retail sales to decline 1.4% on month.
The U.K. gross domestic product grew slightly in July, led by a rebound in the services sector, but economists broadly expect the country’s economy to face a recession in the coming quarters as the cost-of-living crisis hits consumption and investment.
Write to Xavier Fontdegloria at [email protected]
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