LONDON, England. As store prices rise across the UK, British consumers made fewer purchases in May, as they expressed less confidence in the UK economy.
According to statistics provided by the National Statistics Office, sales in May fell by 0.5 percent, or slightly less than expected.
The UK saw fewer consumer purchases of food in May, according to Heather Boville of the Office for National Statistics.
“Feedback from supermarkets suggests that consumers are spending less on their groceries because of the rising cost of living,” Boville was quoted as saying by Reuters.
In addition, last week the UK’s oldest consumer confidence survey, GfK, fell to a 48-year low.
“Consumer sentiment is now darker than in the early stages of the COVID epidemic, the result of the 2016 Brexit referendum and even the shock of the 2008 global financial crisis, and there is talk of an impending recession,” said Joe Staton of GfK. , reports Reuters.
Concerns have been raised that declining living standards are turning into votes
Prime Minister Boris Johnson in the Conservative Party by-elections.
Johnson, however, promised to look for answers to the ongoing spending crisis.
Inflation in the UK has reached a 40-year high of 9.1 percent, according to the Bank of England, which is expected to reach more than 11 percent in October.
The Bureau of National Statistics noted that grocery store sales fell 1.6 percent in May from April.
“Many customers are shopping, especially for food, choosing valuable items where they could previously buy premiums,” said Helen Dickinson of the British Retail Consortium, according to Reuters.
It was also reported that sales decreased by 4.7% compared to a year ago.
The British, shocked by the jump in the cost of living, are cutting back on shopping
SourceThe British, shocked by the jump in the cost of living, are cutting back on shopping