Sales in the UK’s retail sector fell by more than expected last month, as shoppers continue to tighten their belts amid soaring prices. Data from the Office for National Statistics showed a decline of 1.6% in August.
It builds on a downward trend that started around a year ago when restrictions on hospitality businesses were lifted. Experts had expected a fall of just 0.5%, according to a consensus supplied by Pantheon Macroeconomics.
The ONS said that food shops, non-food shops, online retailers and fuel sellers had all registered declines in August – the first time since July 2021. Non-store retailers – largely the online sellers – saw volumes drop by 2.6% in August, giving back some of the ground they gained during the pandemic. But sales in the sector are still a quarter higher than before lockdowns.
