British retail sales fall to 2-year low as high interest rates hit households

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British retail sales have fallen unexpectedly to their lowest level since February 2021, when Covid-19 curbs were in place, fuelling concerns that high prices and interest rates are hitting households’ finances more sharply than anticipated.

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17 Nov 2023

The quantity of goods bought in Great Britain declined 0.3 per cent in October compared with the previous month, the Office for National Statistics said on Friday.

Economists polled by Reuters had forecast a 0.3 per cent rise. The fall in October follows a bigger than previously calculated drop of 1.1 per cent in September.

Retail sales figures, the first official economic data released for October, give an early sign of the state of the consumer sector in the final quarter.

Friday’s data showed that the volume of retail sales fell to its lowest level since February 2021, suggesting household spending was weak ahead of the Christmas shopping season, traditionally the busiest for retailers.

As well as falling to the lowest point in more than two years, the volume of retail sales was 2.7 per cent