Robert Besser
28 Jun 2022, 16:09 GMT+10
LONDON, England: As prices in stores throughout Britain rise, British consumers shopped less in May and also expressed less confidence in the UK economy.
In statistics reported by the Office for National Statistics, sales volumes fell 0.5 percent in May, though slightly less than expected.
The UK saw fewer purchases of groceries by consumers in May, said Heather Bovill, of the Office for National Statistics.
"Feedback from supermarkets suggested customers were spending less on their food shopping, because of the rising cost of living," Bovill said, as quoted by Reuters.
Additionally, last week Britain's oldest gauge of consumer confidence, the GfK survey, fell to a record 48 year low.
"The consumer mood is currently darker than in the early stages of the COVID pandemic, the result of the 2016 Brexit referendum and even the shock of the 2008 global financial crisis, and now there's talk of a looming recession," said Joe Staton of GfK, as reported by Reuters.
Concerns have been voiced about the reduction in living standards being translated into votes
in parliamentary by-elections for Prime Minister Boris Johnson's Conservative Party.
Johnson has, however, pledged to seek answers to the ongoing cost-of-living crisis.
Inflation in the UK has reached a 40 year high of 9.1 percent and, according to the Bank of England, is expected to reach greater than 11 percent in October.
The Office for National Statistics noted that food store sales was down 1.6 percent in May, compared to April.
"Many customers are buying down, particularly with food, choosing value range items where they might previously have bought premium goods," noted Helen Dickinson of the British Retail Consortium, according to Reuters.
It was also reported that sales have fallen 4.7 percent compared to one year ago.
Get a daily dose of Mexico Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.
More InformationNew York [US], August 19 (ANI): UN chief Antonio Guterres on Friday expressed his deep concern over a series of ...
cairo - Algeria's civil protection authority said Thursday that the death toll from forest fires raging in at least 26 ...
Your education has a huge effect on your life chances. As well as being likely to lead to better wages, ...
Faced with the winds of social change, Immigration, Refugees and Citizenship Canada (IRCC) redefined family reunification to include same-sex couples ...
algiers, algeria - Wildfires raging in the forests of eastern Algeria have killed at least 37 people and wounded 161 ...
Siliguri [Assam], August 18, (ANI): Defence minister Rajnath Singh paid homage to the military personnel who lost their lives, during ...
DHAKA, Bangladesh - Michelle Bachelet has urged the Bangladesh government to establish an independent investigation into allegations of enforced disappearances. ...
LONDON, England: Despite a legal challenge in London's High Court in early September, the UK government is continuing to pursue ...
NEW DELHI, India: During his national day address this week, Prime Minister NarendraModi said India will seek to become a ...
LONDON, England: The cap on flight departures from London's Heathrow Airport will beextended until October 29, airport officials announced.Heathrow capped ...
BERLIN, Germany: Highlighting Berlin's increasing focus on assisting in the Indo-Pacific region amidst rising tensions with China over Taiwan, Germany ...
PARIS, France: French firefighters have stopped the spread of a "monster" wildfire in the country's southwest, allowing the reopening of ...