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.
The Office for National Statistics (ONS) stated that sales volumes declined by 1.6% in August, higher than the 0.5% 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.
