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U.K. Retail Sales Fell Again in September Amid Runaway Inflation

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U.K. Retail Sales Fell Again in September Amid Runaway Inflation
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By Geoffrey Smith

Investing.com — U.K. retail sales fell for the second month in a row in September as consumers revolted at runaway inflation, pushing the country closer to recession.

Sales fell 1.4% in real terms – that is, adjusted for inflation – as inflation ran at a rate of over 10%. August’s decline was also revised down to 1.7% from an initial reading of 1.6%.

That left sales down 6.9% on the year.

Core retail sales, which exclude fuel and vehicle sales, were likewise down 1.5% on the month and down 6.2% from a year ago.

There was also bad news on Friday regarding the government’s finances. Net public sector borrowing surged to 19.25 billion pounds ($21.5 billion), well ahead of forecasts of 12.3 billion pounds.

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