UK retail sales slumped in October

UK retail sales slumped in October.

Sales in total fell by 0.6% in comparison to September, leaving them up just 3.8% year-on-year.

That’s the second-weakest 12-month increase in the last year.

Analysts were expecting a 0.5% decline month on month, partly due to the incredible strength of September’s figures — sales rose by 1.9% from August, a rise of 6.5% year-on-year.

Retail sales are watched closely for signs of the strength of the consumer recovery. Stronger figures could mean a Bank of England rate hike coming sooner rather than later.

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