World Economy

UK Retail Sales Slump

UK Retail  Sales SlumpUK Retail  Sales Slump

UK retail sales fell at the fastest pace in almost five years in December as rising prices saw consumers buy less of everything from household goods to clothing and food, Bloomberg reported. The volume of goods sold in stores and online fell 1.9% from November, the Office for National Statistics said on Friday. That was the biggest drop since April 2012 and far exceeded the modest decline predicted by economists. Sales excluding auto fuel fell 2%. The fourth quarter as a whole saw sales rise 1.2%, meaning the sector made a 0.1 percentage point contribution to gross domestic product.


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