UK retail sales slow in September
The high cost of living continues to take its toll on UK households. The latest reading from the British Retail Consortium (BRC) suggests that retail sales slowed in September.
The BRC's like-for-like sales measure - which adjusts for changes in store space - slowed to show growth of 2.8% from 4.3% in August. The recent increase in the price of petrol and diesel, in housing costs, meant that consumers held off on much of their non-essential spending. Expensive items like furniture and electrical items performed particularly poorly.
The British Retail Consortium
In September, living in the UK became more expensive, which put pressure on people's wallets. A survey by the British Retail Consortium showed that sales in stores grew at a slower rate compared to the previous month. This was because of the rising cost of petrol and housing, which made people cut back on buying things they didn't really need. As a result, sales of expensive items like furniture and electronics didn't do so well.
Barclays
Another study by Barclays showed that people in the UK spent more money using credit and debit cards in September compared to August. This increase in spending can be attributed to the higher prices of fuel, as well as people going out to bars during the Rugby World Cup.
The GBP
Looking at the currency markets, the value of the GBP stayed strong against the US dollar, even though the dollar itself was weak. However, after the new data was released, the value of the pound started to decrease according to charts tracking its value over the last ten minutes. Right now, the pound is trading at 1.2221 against the US dollar.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Seize your opportunity
Deal on the world’s stock indices today.
- Trade on rising or falling markets
- Get one-point spreads on the FTSE 100
- Unrivalled 24-hour pricing
See opportunity on an index?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on an index?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from one point on the FTSE 100
- Trade more 24-hour indices than any other provider
- Analyse and deal seamlessly on smart, fast charts
See opportunity on an index?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
