UK retail sales dropped 0.7% in October, surpassing forecasts and raising concerns about rising costs.

UK retail sales volumes fell by 0.7% in October, exceeding economists' predictions of a 0.3% drop. The decline, attributed to consumers delaying spending ahead of the Budget and mild weather affecting clothing sales, follows three months of growth. Despite the fall, annual trends still show an increase, though sales remain below pre-pandemic levels. Retailers warn of increased costs leading to potential job cuts and price hikes.

November 22, 2024
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