Quickening inflation has miffed UK retail industry with sales plummeting for the third month in January, reports from the Office for National Statistics revealed. In the three months through January, sales dropped 0.4 per cent, the worst quarterly performance since 2013. In store and online sales in the country fell by 0.3 percent following a 2.1 per cent drop in December.
Office for National Statistics statistician Kate Davies said: “The data show the first signs of a fall in the underlying trend since December 2013. The evidence suggests that increased prices in fuel and food are significant factors in this slowdown.”
This is a clear indication of how bad inflation is affecting the country as it hits 1.8 percent last month. Inflation is expected to climb in 2017 as well due to Brexit fears and incurring import costs. The retail prices in the country in January increased on a yearly basis by 1.9 percent which is the biggest upsurge since 2013.
Sales excluding auto fuel fell by 0.2 percent in January, which also recorded a decline in sales of food, household goods and products sold online. In December, the country saw the biggest sales drop since 2011, when it recorded a 2.1 percent drop from a previous estimation of 1.9 percent.