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UK retailers record slowest sales growth since lockdowns ended-BDO

By on September 8, 2022 0

A woman uses a trolley while shopping at a grocery store in east London, in the Eastern Cape province, South Africa, July 7, 2022. REUTERS/Siphiwe Sibeko

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LONDON, Sept 9 (Reuters) – British retailers recorded the weakest sales growth since COVID-19 lockdowns ended last year as shoppers tightened their belts amid soaring inflation, business advisory firm BDO said on Friday.

Total like-for-like retail sales rose 3.6% in August from the same month last year and online sales fell 0.6%, their first decline since March.

“September results will show how big the pullback in discretionary spending is likely to be this winter, but these August results clearly show that consumers are cutting back,” said Sophie Michael, head of retail at BDO.

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“Consumers are postponing the purchase of big-ticket items as households prioritize essential spending,” Michael said.

Slowing sales growth for fashion and lifestyle items raised concerns ahead of the fall and Christmas periods, she said.

However, economists say Britain’s high inflation rate – which hit 10.1% in July – is now set to slow after new Prime Minister Liz Truss announced a plan on Thursday to limit soaring inflation. household energy prices. Read more

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Reporting by Humza Jilani Editing by William Schomberg

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