UK retail sales fell by more than expected in October as shoppers cut back on food and clothing purchases, official data shows.
The Office for National Statistics said sales volumes fell 0.8% last month, having risen by 0.5% in September.
Food stores reported the biggest monthly decline in sales since November 2011.
Compared with a year earlier, retail sales were up 0.6%, although this was also below analysts’ forecasts.
Analysts had expected a fall in October of about 0.2%, and the steeper decline may add to worries about economic growth following Wednesday’s Bank of England warning about the UK recovery.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.