Unusually hot weather boosted sales of sun screen and barbecue food in Britain last month, a British Retail Consortium survey showed on Tuesday, but consumers spent less on big-ticket items as high food prices continued to squeeze their budgets.
inflation was reducing shoppers’ ability to spend on non-essential items.have so far remained resilient, but the triple threats of further interest rate hikes, resolute double digitinflation and an economy recovering at slower rate than predicted, could hamper a return to much needed profitable growth across the retail sector,” Martin said.
Official figures showed consumer price inflation held at 8.7 percent in May, and financial markets are betting the Bank of England will raise rates as high at 6.5 percent early next year, up from 5 percent now.said like-for-like retail sales – a measure favored by equity analysts which adjusts for changes in retail space – were 4.2 percent higher on the year inspending
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