May 11, 2022
1 min read

Inflation dampens retail sales in UK

Britain’s Consumer Price Index rose by 7 per cent in March, hitting a new 30-year high….reports Asian Lite News

Amid raging inflation, Britain’s retail sales decreased by 0.3 per cent in April year on year, against an increase of 51.1 per cent in April 2021, and it was the first time in 15 months for sales growth to go into decline, industry data revealed.

This is below the three-month average growth of 3.2 per cent and the 12-month average growth of 6.4 per cent, Xinhua news agency quoted a statement issued by the British Retail Consortium on Tuesday.

Since the figures are not adjusted for inflation, the real drop would be much larger it added.

Pic credits IANS

“The rising cost of living has crushed consumer confidence and put the brakes on consumer spending. Sales growth has been slowing since January, though the real extent of this decline has been masked by rising inflation,” said Helen Dickinson, chief executive of the industry body.

Big-ticket items have been hit hardest, as consumers reined in spending on furniture, electricals and other homeware, Dickinson added.

Britain’s Consumer Price Index rose by 7 per cent in March, hitting a new 30-year high. It is expected to surge further, mainly due to a much higher energy price cap since April.

In its monetary policy summary published on May 5, the Bank of England said the country’s inflation is expected to rise further over the rest of the year, to just over 9 per cent in the second quarter of 2022 and averaging slightly over 10 per cent at its peak in the fourth quarter.

ALSO READ: UK govt pledges £158 m to support Syrians

Previous Story

Nepal closes borders with India, China

Next Story

KAZAKH TIES

Latest from -Top News

Trump Defiant as Markets Dive

Despite mounting investor anxiety and a steep drop in market values worldwide, Trump dismissed fears of economic fallout, declaring that “world leaders are dying to make a deal.” Amid deepening turmoil on

GAZA KILLINGS: War Crime?

Mobile Phone Footage Casts Doubt on Israeli Account of Ambulance Attack in Gaza Newly surfaced mobile phone footage has raised serious questions about the Israeli military’s justification for opening fire on a

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that
Go toTop

Don't Miss

UK, Ghana reaffirm commitment to tackle threats

Priti Patel and Kan-Dapaah agreed to strengthen law enforcement agency

King marks second anniversary of accession

As is tradition, the King’s Troop Royal Horse Artillery and