The Office for National Statistics reported a 1.1% decrease in sales volume in stores and online in October, following a 0.7% increase in the previous month.
This decline marks the end of five consecutive months of growth in retail sales, and is also greater than economic forecasts, which indicated a decrease of only 0.2%, according to Bloomberg.
This performance is considered the worst for retail sales in Britain since May.
Bloomberg confirmed that this report exacerbates concerns about the economic situation in Britain before the upcoming budget announcement by Chancellor Rachel Reeves next week.
The Office for Statistics stated that sales in commercial markets and clothing stores declined in October, due to consumers’ hesitation to spend before “Black Friday” offers.
In a statement to “Grant Fitzner,” chief economist at the office, he said: “Monthly sales in October fell for the first time since May,” adding that “Sales fell in commercial markets, clothing stores and online shopping platforms, while some retailers reported that consumers are waiting for Black Friday purchase offers in November.” (Sky News)
