News

Dow Jones Newswires: U.K. retail sales declined slightly in June on lower fuel, clothing sales

U.K. retail sales fell in June for the fourth time in five months, dragged by lower fuel sales, adding to evidence of a weakening in consumer spending as the cost-of-living crisis intensifies.

Retail sales volumes decreased 0.1% in June on month, less than the revised 0.8% monthly fall registered in May, the Office for National Statistics said Friday.

Economists polled by The Wall Street Journal expected retail sales to decline 0.4% in June.

Fuel sales fell 4.3% on month due to the record high prices at the pump, the ONS said. Clothing purchases decreased 4.7%, while sales of household goods fell 3.7%, with retailers suggesting that consumers are cutting back on spending due to higher prices and concerns around affordability.

The U.K. economy expanded 0.5% in May compared with the previous month, but economists expect gross domestic product to shrink in the second quarter as a whole as households’ incomes decline due to high inflation and a pare back on spending.

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

What is your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News