Britain retail sales drop as Brexit-fuelled inflation bites

Shoppers carry bags of goods through the crowds on Oxford Street in central London. — AFP

London: British retail sales fell more than expected in September, official data showed, against a backdrop of rising prices largely caused by a Brexit-hit pound. “September’s retail sales saw a monthly decline of 0.8 per cent, reversing August’s growth,” said Kate Davies, senior statistician at the Office for National Statistics.

“However, there is a continuation of the underlying trend of steady growth in sales volumes following a weak start to the year, and a background of generally rising prices,” she added.

Analysts’ consensus forecast had been for a 0.1 per cent drop in retail sales in September following an increase of 0.9 per cent in August.

British inflation has picked up sharply in recent months as a Brexit-hit pound raised import costs. — AFP