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UK retail sales slow in January | |
(35 minutes later) | |
Retail sales grew at a slower pace in January as consumers reined in spending after Christmas, research from the British Retail Consortium shows. | |
It found sales had inched up 0.1% year-on-year, down from an increase of 1.7% in December and the weakest performance since last August. | |
The figures were largely driven by slower non-food sales, although spending on groceries held up. | |
The BRC said consumers were feeling cautious going into the new year. | The BRC said consumers were feeling cautious going into the new year. |
"Looking across the last three months, we've seen the slowest growth of the festive period since 2009," BRC chief executive Helen Dickinson said. | "Looking across the last three months, we've seen the slowest growth of the festive period since 2009," BRC chief executive Helen Dickinson said. |
"With the signs pointing to upward pressures on shop prices given rising import costs, all eyes will be on the impact of inflation on consumer spending." | "With the signs pointing to upward pressures on shop prices given rising import costs, all eyes will be on the impact of inflation on consumer spending." |
Rising inflation | Rising inflation |
According to the research, consumers had cut back on non-essentials, although sales of furniture climbed. | |
Spending on food rose 2% and online sales jumped 8.6% as more shoppers shunned the high street. | |
Official figures released last month showed retail sales fell at their fastest rate in more than four years in December. | Official figures released last month showed retail sales fell at their fastest rate in more than four years in December. |
And last week the Bank of England reported that consumer borrowing had slowed for the first time in five months. | And last week the Bank of England reported that consumer borrowing had slowed for the first time in five months. |
The bank also expects inflation to rise to 2.75% by mid-2018, pushing up prices in shops. | |
It blamed the weakness of the pound, which has slipped by about 16% against the dollar and 10% against the euro since the Brexit vote in June. | It blamed the weakness of the pound, which has slipped by about 16% against the dollar and 10% against the euro since the Brexit vote in June. |