According to the British Retail Consortium (BRC),
total retail sales rose just 1.0% year-on-year in May, a steep drop from the 7.0% increase recorded in April.Like-for-like sales saw a similar slowdown, increasing only 0.6% compared to 6.8% in the prior month — the weakest pace since November 2024.A separate report from Barclays also showed weakening momentum in overall consumer spending, which includes services and non-retail categories. Spending grew by 1.0% year-on-year in May, slowing sharply from April’s 4.5%. Nearly half of those surveyed by Barclays said they plan to cut back on discretionary spending, with consumer confidence slipping three points to 67%.
The softer data come as households continue to grapple with a 6% rise in the energy price cap that took effect in April, alongside broader cost-of-living pressures. With the Bank of England expected to hold interest rates steady at 4.25% next week, concerns about inflation and borrowing costs remain top of mind for both consumers and policymakers.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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