RETAIL sales volumes in Great Britain dropped by 0.5 per cent month-on-month in May, with the food category showing particular weakness amid the cost-of-living crisis, writes Ian McConnell.
The decline, revealed in seasonally adjusted figures published yesterday by the Office for National Statistics, was the third drop in four months. Sales volumes had risen 0.4% month-on-month in April, with this increase revised down from the 1.4% jump estimated previously. Food store sales volumes tumbled 1.6% in May.
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Annual UK consumer prices index inflation has already surged to 9.1%, with further rises forecast.
Jason Hollands, managing director at wealth management group Evelyn Partners, said: “The retail sales data…serve as yet another reminder of the difficult economic climate the UK faces as rising pricings hit consumers' disposable income. The biggest decline was in food sales, a sign that soaring food prices driven higher by the war in Ukraine are prompting people to economise and think more carefully about what they put in their shopping trolleys. With inflation now expected to reach 11% in autumn, the pain is unfortunately going to worsen before it gets better.”
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Sales volumes in the March to May period were down 1.3% on the preceding three months.
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