Economic news

UK retail sales drop 1.2 percent in May

UK retail sales including fuel dropped 1.2 percent in May, much worse than the 0.8 percent decline expected, the Office for National Statistics reported. This followed a 2.5 percent climb in April, mainly due to the Easter.

In annual terms, retail sales volume growth dipped to 0.9% - the lower growth on the year since April 2013.

The significant factors in slowing growth in May were high inflation and weak wage growth, that increased retail prices.

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