The Office for National Statistics said on Friday that sales volumes in May fell by 0.5% on the month, a slightly smaller decline than the 0.7% drop expected by economists polled by Reuters.
But the ONS also slashed its estimate for month-on-month sales volumes growth in April to 0.4% from an originally reported 1.4% after an annual review of its seasonal adjustments process.May's fall was driven by weaker food sales, Heather Bovill, ONS deputy director for surveys and economic indicators, said.
"Feedback from supermarkets suggested customers were spending less on their food shop, because of the rising cost of living," she said. Earlier on Friday, Britain's longest-running gauge of consumer confidence, the GfK survey, fell to its lowest since records began in 1974."The consumer mood is currently darker than in the early stages of the COVID pandemic, the result of the 2016 Brexit referendum and even the shock of the 2008 global financial crisis, and now there's talk of a looming recession," Joe Staton, client strategy director at GfK, said.
Other data published this week which has raised questions about how much higher the Bank of England can raise interest rates, after five hikes since December, without pushing the economy into a recession.
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