UK retail sales decline despite Christmas in December

UK retail sales were reported to have declined compared to the previous month in December last year, contrary to expectations.

In the statement from the British Office for National Statistics (ONS), it was noted that retail sales decreased by 1 percent compared to the previous month in December 2022, when consumer demand is expected to be strong under normal conditions. due to the Christmas celebration. .

In the ONS statement, it was noted that consumers tend to reduce their spending due to inflation, which is close to the highest levels of the last 41 years.

“Consumers preferred to do their Christmas shopping earlier due to increased product prices,” ONS Deputy Director Heather Bovill said in the statement.

In the statement, which indicated that retail sales declined 5.8 percent year-on-year in December, Internet retail sales were recorded to have declined 25.9 percent over the same period.

Economists had expected retail sales to rise 0.5% monthly in December and 4.1% year-on-year.

INFLATION NEAR THE HIGHEST LEVELS IN 41 YEARS

According to the National Statistics Office (ONS), the Consumer Price Index (CPI) in the country increased by 10.5 percent annually in December 2022.

Annual inflation, which reached its highest level in 41 years at 11.1 percent in October last year, slowed to 10.7 percent in November.

UK food prices, on the other hand, rose 16.8 percent year-on-year in the same period, the biggest increase since September 1977. (BRITISH AUTOMOBILE CLUB)