UK retail sales slump 0.3% in October
Petrol sales fell by 2% throughout the month, which the ONS attributed to rising fuel prices.
In the first official economic data set released for October, the Office for National Statistics revealed that compared with October 2022, total retail volumes had declined 2.7%.
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The month saw declines in both food (-0.3%) and non-food (-0.2%) store sales, however non-store retailing, which is predominantly online retailers, saw sales rise by 0.8%.
Petrol sales fell by 2% throughout the month, which the ONS attributed to rising fuel prices.
The ONS also revised down September's numbers, with sales dropping an estimated 1.1%, rather than 0.9% as previously reported.
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Emma Mogford, fund manager on the Premier Miton Monthly Income fund, said the data was evidence that interest rate rises are being effective in slowing demand.
She added: «Having enjoyed the post-Covid rally in spending, it now appears consumers are feeling much more cautious.
»UK retail company shares may be weak on the back of this, but the real test will be the all-important Christmas trading period."
Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club, described retail sales throughout the month as a «damp squid», attributing the declining to cost of living pressures and poor weather.
«There are signs that cracks are starting to appear in the economy with consumers tightening their belts and switching to cheaper brands,» he added.
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