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Financial News: UK Consumers Curb Spending Amid Rising Inflation: BRC

UK Consumers Curb Spending Amid Rising Inflation: BRC

06/06/2017 - 01:04:00 (RTTNews)

(RTTNews) - British consumers reduced their spending as household budgets were increasingly squeezed by rising inflation, data published by the British Retail Consortium and KPMG showed Tuesday.

Like-for-like sales declined 0.4 percent in May from the previous year, when they advanced 0.5 percent. Sales were expected to drop 0.2 percent.

On a total basis, sales rose 0.2 percent compared to a growth of 1.4 percent in May 2016. This was the lowest since January, excluding Easter distortions.

Over the three months to May, food sales advanced 3.2 percent on a like-for-like basis and 4.3 percent on a total basis. At the same time, non-food retail sales decreased 0.3 percent on a like-for-like basis and increased 0.1 percent on a total basis.

"With inflation continuing to rise and wage growth stagnating, consumers are starting to feel the pinch," Paul Martin, UK Head of Retail at KPMG said.

"After the surge in retail sales last month - the by-product of this year's relatively late Easter - retailers have been brought back down to earth with a thump," said Martin.

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