UK retail sales slow in September
The high cost of living continues to take its toll on UK households. The latest reading from the British Retail Consortium (BRC) suggests that retail sales slowed in September.
The BRC's like-for-like sales measure - which adjusts for changes in store space - slowed to show growth of 2.8% from 4.3% in August. The recent increase in the price of petrol and diesel, in housing costs, meant that consumers held off on much of their non-essential spending. Expensive items like furniture and electrical items performed particularly poorly.
The British Retail Consortium
In September, living in the UK became more expensive, which put pressure on people's wallets. A survey by the British Retail Consortium showed that sales in stores grew at a slower rate compared to the previous month. This was because of the rising cost of petrol and housing, which made people cut back on buying things they didn't really need. As a result, sales of expensive items like furniture and electronics didn't do so well.
Barclays
Another study by Barclays showed that people in the UK spent more money using credit and debit cards in September compared to August. This increase in spending can be attributed to the higher prices of fuel, as well as people going out to bars during the Rugby World Cup.
The GBP
Looking at the currency markets, the value of the GBP stayed strong against the US dollar, even though the dollar itself was weak. However, after the new data was released, the value of the pound started to decrease according to charts tracking its value over the last ten minutes. Right now, the pound is trading at 1.2221 against the US dollar.
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