Khamis, 15 Jun 2017

Retail sales tank as Brexit hits the pocket of regular Brits

A shopper pushes a trolley in a supermarket in London, Britain April 11, 2017. British inflation shot past the Bank of England's 2 percent target last month, potentially adding to uneasiness among some officials at the central bank about keeping interest rates near zero. Consumer prices rose by a stronger-than-expected 2.3 percent, the biggest annual increase in nearly three-and-a-half years, pushed up by an increase in global oil prices and the impact of the Brexit vote on sterling.

REUTERS/Neil Hall

A shopper pushes a trolley in a supermarket in London, Britain April 11, 2017.

LONDON — UK retail sales had a terrible month in May, as the impact of inflation on the pocket of the average Brit begins to intensify, data from the Office for National Statistics out on Thursday shows.

Retail sales fell by 1.2% compared to the month of April, while on a year-to-year basis, sales were up by 0.9% against May 2016. 

Those numbers were both significantly lower than the forecasts of economists, who had predicted 1.7% annual growth, and a monthly fall of just 0.8%.

“The annual growth rate was last lower in April 2013,” the ONS said.

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