New data from The Office for National Statistics (ONS) has shown that retail sales in May fell as shoppers felt the effects of higher inflation. The quantity of goods sold between April and May are said to have fallen by 1.2%, which was worse than economists expected.
The Office for National Statistics said that the higher prices across all sectors are the significant factor in slowing growth. The data found that store prices have risen by 2.8% during the last 12 monthsl; the largest increase since March 2012.
It is said that the key factor to the rise has been the decrease in the value of the pound since the Brexit referendum. This has caused the cost of imports to increase. This news comes after official figures released by the ONS found that the economy grew slower in the first three months of the year than originally expected.Read the article here.