British pound sterling falls against the US dollar (USD) as British retail sales plummet at fastest quarterly rate since 2010 | City A.M.
Retail sales in the UK fell at the sharpest quarterly rate for seven years in March as price increases started to weigh on the British consumer.
Sales fell by 1.8 per cent during the month while store prices grew by 3.3 per cent, the fastest rate of growth since March 2012, according to the Office for National Statistics (ONS).
The fall of 1.4 per cent in the first three months of 2017 was the first quarterly decline in sales since the end of 2013, and the biggest fall since the start of 2010.
Kate Davies, ONS senior statistician said: “This is the first time we’ve seen a quarterly decline since 2013, and it seems to be a consequence of price increases across a whole range of sectors.”
Richard Lim, chief executive at Retail Economics said: “This latest data shows that the surge in inflation is putting retailers under intense pressure with the first quarterly decline in retail sales since 2013. Families are facing the fastest rise in living costs for over three years and they are reining in their spending rapidly.
The pound fell to lows of $1.2781 against the US dollar in morning trading.
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