Economic news

UK retail sales fall by one percent in October

UK retail sales dropped in October at the fastest pace this year as households restrained purchases of non-food goods amid accelerating inflation.

Retail sales, on a like-for-like basis, sank by an annual 1.0 percent, the British Retail Consortium reported, compared with a 1.9 percent surge in September.

On Nov.2, the Bank of England increased interest rates for the first time in more than a decade. Consumer price inflation grew to 3 percent in September, its top in more than five years and higher than the BoE’s 2 percent target.

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