Robert Besser
28 Jun 2022, 16:09 GMT+10
LONDON, England: As prices in stores throughout Britain rise, British consumers shopped less in May and also expressed less confidence in the UK economy.
In statistics reported by the Office for National Statistics, sales volumes fell 0.5 percent in May, though slightly less than expected.
The UK saw fewer purchases of groceries by consumers in May, said Heather Bovill, of the Office for National Statistics.
"Feedback from supermarkets suggested customers were spending less on their food shopping, because of the rising cost of living," Bovill said, as quoted by Reuters.
Additionally, last week Britain's oldest gauge of consumer confidence, the GfK survey, fell to a record 48 year low.
"The consumer mood is currently darker than in the early stages of the COVID pandemic, the result of the 2016 Brexit referendum and even the shock of the 2008 global financial crisis, and now there's talk of a looming recession," said Joe Staton of GfK, as reported by Reuters.
Concerns have been voiced about the reduction in living standards being translated into votes
in parliamentary by-elections for Prime Minister Boris Johnson's Conservative Party.
Johnson has, however, pledged to seek answers to the ongoing cost-of-living crisis.
Inflation in the UK has reached a 40 year high of 9.1 percent and, according to the Bank of England, is expected to reach greater than 11 percent in October.
The Office for National Statistics noted that food store sales was down 1.6 percent in May, compared to April.
"Many customers are buying down, particularly with food, choosing value range items where they might previously have bought premium goods," noted Helen Dickinson of the British Retail Consortium, according to Reuters.
It was also reported that sales have fallen 4.7 percent compared to one year ago.
Get a daily dose of Madagascar Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Madagascar Sun.
More InformationLONDON, England: Following a request by Nigeria's National Commission for Museums and Monuments, the Horniman Museum in London has agreed ...
Mumbai (Maharashtra) [India]/Cape Town [South Africa], August 11 (ANI): MI Cape Town, today announced the signing of 5 players ahead ...
Dubai [UAE], August 11 (ANI): Sri Lankan batting legend Mahela Jayawardene opines that star Pakistan batter Babar Azam can dethrone ...
KIGALI, RWANDA - U.S. Secretary of State Antony Blinken is in Rwanda, the last stop on his three-nation tour of ...
New Delhi [India], August 11 (ANI): External Affairs Minister S Jaishankar on Thursday extended greetings to the government and people ...
It was a loss that made the biggest news at the National Bank Open in Toronto on Wednesday as Serena ...
WASHINGTON D.C.: The U.S. will participate in a joint military exercise in mid-October with India, less than 62 miles from ...
SEOUL, South Korea: South Korea has launched a domestically manufactured lunar orbiter that took off from Florida's Cape Canaveral Space ...
MOSCOW, Russia: A leading Russian scientist in the field of hypersonic flight, Dr. Alexander Shiplyuk, has been arrested on suspicion ...
LOS ANGELES, California: During a meeting that was disrupted by protesters this week, the Los Angeles City Council voted to ...
WASHINGTON D.C.: The U.S. Justice Department announced this week that former Puerto Rico governor Wanda Vazquez has been arrested in ...
OTTAWA, Ontario: Military trainers from Canada will head to the United Kingdom to teach Ukrainians new techniques for fighting the ...