New data released by the British Retail Consortium (RBC) has found that UK retailers are seeing the biggest squeeze since the height of the COVID-19 pandemic.
Due to rising inflation, shoppers in the UK cut back on their spending for the third month in a row in June. This has meant sales volumes falling by the largest amount since the pandemic.
Surging living costs have continued to affect the economy, and the BRC says that the value of sales of its members was 1% lower in June than a year ago, compared with a 1.1% fall in May.
However, these figures are not adjusted for inflation and most of the BRC’s members are large chains and major supermarkets – although it still shows a significant fall in spending.
Many shoppers have switched to cheaper brands of food and other goods. Additionally, some consumers are postponing making large purchases because of economic uncertainty.
BRC chief executive Helen Dickinson said: “Sales volumes are falling to a rate not seen since the depths of the pandemic, as inflation continues to bite and households cut back spending.”
The BRC’s data shows that inflation rose to its highest level since 2008 in June and the consumer prices index hit 9.1% in May, a 40-year high.
The rising cost of living has prompted government promises, including tax cuts, and the Bank of England has promised to act “forcefully” on inflation if needed
The government is also providing a support package that includes:
The White House has informed Congress of its intention to send over $1 billion worth…
Automatic emergency braking systems are becoming increasingly common in new cars as a means to…
According to a joint report by the EU’s Copernicus Climate Change Service (C3S) and the…
Tesla has once again reduced prices in several key markets as it deals with declining…
In a recent announcement, the social media platform X has revealed its latest policy shift…
Scotland has announced that it’s considering a ban on egg companies from keeping chickens in…