U.K. retail sales fell in August as Britons remained hesitant to spend in the face of elevated inflation, stagnant wage growth and an uncertain economic outlook, official data showed Thursday.
The Office for National Statistics said retail sales volume fell 0.2% in August compared with July and was flat on a year earlier.
The ONS said it was impossible to quantify the impact on overall retail sales of riots, which saw widespread looting and damage in parts of London and a number of other major cities in England during August.
An ONS official said some retailers said they had lost sales due to closing early during the riots, while others benefited as shoppers took their business elsewhere.
Thursday's figures were broadly in line with expectations, with economists polled by Dow Jones Newswires forecasting a fall 0.2% on the month and a fall of 0.1% on the year.
The volume of food sector sales fell 0.8% annually in August, while the value of those sales rose 5.0%, highlighting how consumers are being squeezed by rising prices.
The ONS said food prices are estimated to have risen by 5.7% in August on an annual basis.
The statistics also showed that the volume of sales from stores selling predominantly alcohol and tobacco increased by 6.9% in August--the biggest annual rise since March 1988.
Elliottwave
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