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Retail sales slide as cost of living crisis and wet weather hit British shops
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Retail sales slide as cost of living crisis and wet weather hit British shops
Retail sales volumes in October fell to their lowest level since February 2021, as retailers blame cost of living, reduced footfall and wet weather
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Today's agenda
Retail sales across Great Britain have dropped as consumers are hit by high borrowing costs and inflation, while bad weather drove shoppers away.

Data from the Office for National Statistics (ONS) shows retail sales volumes fell by 0.3% in October, missing forecasts for a 0.3% rise – a warning sign for the UK economy.

That follows a revised 1.1% decline in September – worse than the 0.9% drop first estimated.

Retail sales volumes in October were at their lowest level since February 2021, during the Covid-19 pandemic, when there were “widespread and extensive restrictions to non-essential retail in England, Scotland and Wales”, the ONS said.

On an annual basis, retail sales volumes slumped by 2.7% compared with October 2022. However, consumers had to spend 2.2% more than a year ago, to get less stuff, because of higher prices on the shelves.

The ONS reports that food stores sales volumes fell by 0.3% in October.

Non-food stores sales volumes fell by 0.2% in October 2023, with retailers suggesting that “cost of living, reduced footfall and the wet weather in the second half of the month contributed to the fall”.

Storm Babet brought heavy rain and strong winds to the UK in October, followed by Storm Ciarán at the end of the month.

There was an 0.8% rise in sales volumes for online retailers (after a fall of 2.4% in September), suggesting that shoppers turn to the internet rather than braving the blusterly outdoors.

Consumers also cut back on petrol and diesel last month, suggesting higher prices deterred people from making some journeys.

Today’s retail sales report shows that automotive fuel sales volumes fell by 2.0% in October.

In the three months to October, sales volumes fell by 0.7% when compared with the previous three months, which “may be affected by increasing fuel prices”, the ONS said.

In the financial markets, investors are watching the oil price after it hit a four-month low last night.

Brent crude dropped $3.76, or 4.6%, to $77.42 a barrel, amid worries about global oil demand after weak economic data – including rising jobless claims and falling retail sales in the US.

The agenda
• 8.30am GMT: European Central Bank's president, Christine Lagarde, gives keynote speech at 33rd Frankfurt European Banking Congress
• 10am GMT: eurozone inflation report (final estimate) for October
• 1.10pm GMT: Bank of England deputy governor Dave Ramsden gives keynote speech at the Society of Professional Economists annual conference
• 1.30pm GMT: US housing starts and building permits data for October

We’ll be tracking all the main events throughout the day ...
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