Business News Asia
According to the UK’s Office for National Statistics (ONS), retail sales fell by 1.4% in September compared with the previous month as consumers suffer from rising inflation.
The report said that data for the month of September was also affected by the fact that many retailers were closed for a special holiday following the funeral of Queen Elizabeth II.
Several retailers, including Tesco, the U.K.’s largest retailer, and online fashion retailer Asos, have warned of profit growth this month as they struggle with higher energy and labor costs and the devaluation of the pound.
Consumers have cut spending in the face of rising inflation of 10% and will come under even more pressure in 2023 after the new UK Finance Minister Jeremy Hunt decided to cancel the tax cuts announced by UK Prime Minister Liz Truss.
Meanwhile, Truss resigned as British prime minister on Thursday (Oct. 20).