UK consumers buckling under the cost of living crisis

UK consumers are starting to crumple in the face of soaring prices, according a series of reports that paint a grim picture of the nation’s cost of living crisis. The Office for National Statistics said Friday the volume of goods sold in stores and online fell 0.5% in May, as soaring food prices forced consumers to cut back on spending in supermarkets. That followed earlier figures showing higher prices are also weighing heavily on consumer confidence, pushing it to to a record low this month.

Sales in April rose just 0.4%, rather than the 1.4% previously estimated. Sales volumes last month were just 2.6% above their levels in February 2020, before the pandemic struck. The prospects of a summer of industrial action and soaring interest rates are also weighing heavily on the mood of the nation, with the Bank of England indicating it is prepared to sacrifice economic growth to lean against higher prices.

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