Retail sales in the UK fell by 0.5% in May, driven by a decline in food spending, while the consumer confidence index fell to its lowest level since records began, as rising inflation continues to take a toll on household finances.
According to figures released by the Office for National Statistics, the fall in sales volumes in May was because of food stores, which declined by 1.6%. Rising food prices and the cost-of-living seems to be linked with the reduced spending in food stores, the ONS said. Shoppers began cutting back on food spending as the UK consumer confidence index, which measures how people feel about their own financial status and the state of the economy as a whole, fell one point to -41 in June, marking its lowest level in nearly 50 years. "The consumer mood is currently darker than in the ear...
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