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UK Consumers Feeling the Pinch

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British shoppers unexpectedly cut back on their spending in January as last year’s Brexit vote pushed up inflation, official data showed on Friday, the strongest sign to date that the country’s economy is heading for a slowdown.

Consumers were barely fazed last year by June’s decision to leave the European Union. But they are turning more cautious with prices rising quickly in response to the post-referendum slump in the value of the pound and higher oil prices.

Official data on Friday showed retail sales volumes fell by 0.3 percent month-on-month in January, much weaker than economists’ forecasts in a Reuters poll for a 0.9 percent increase. No forecaster had expected a fall.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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