UK Retail Sales Fall Amid High Inflation and Cost of Living Crisis
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Retail sales in the UK fell 0.3% in October amid high inflation, rising interest rates, and bad weather. Sales volumes were at their lowest since February 2021.
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Food and non-food stores saw declines in sales volumes as consumers cut back on spending due to the cost of living crisis.
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Online retail sales rose 0.8% as shoppers avoided going out in poor weather conditions.
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The sales decline highlights how high interest rates are hitting consumer demand and raises recession fears.
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Upcoming data and events to watch include the autumn budget statement, oil prices, Eurozone inflation, and US housing starts.