UK Consumers Spend More To Meet Higher Food And Clothing Prices

www.oann.com | 6/27/2017 | Staff
kshama-s (Posted by) Level 3
LONDON (Reuters) – British shoppers increased their spending in September at the fastest pace so far in 2017, excluding an Easter-related surge in April, but much of the rise reflected higher prices for food and clothing after the Brexit vote, a survey showed.

Retail sales grew by an annual 1.9 percent on alike-for-like basis, which strips out changes in store size, the British Retail Consortium said, up from 1.6 percent in August.

Increase - Signs - Consumers - Britain - Rise

The increase follows other signs that consumers in Britain are adapting to the rise in inflation caused in large part by the fall in the value of the pound after the referendum decision to take the country out of the European Union in June 2016.

The Bank of England, which has signaled it is close to its first rate hike in a decade, is expecting a pick-up in spending.

BRC - Growth - Sales - Month

The BRC said growth in total sales last month slowed slightly...
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