LONDON — UK retail sales had a terrible month in May, as the impact of inflation on the pocket of the average Brit begins to intensify, data from the Office for National Statistics out on Thursday shows.
Retail sales fell by 1.2% compared to the month of April, while on a year-to-year basis, sales were up by 0.9% against May 2016.
Those numbers were both significantly lower than the forecasts of economists, who had predicted 1.7% annual growth, and a monthly fall of just 0.8%.
“The annual growth rate was last lower in April 2013,” the ONS said.
More follows …