U.K. shoppers spend more on essential items as inflation rises after Brexit vote causes devaluation of the pound.
updated: Oct 12, 2017
October 12, 2017 (Newswire.com) –
According to recent survey published by Shanghai, China-based Ashton Whiteley, although British consumers upped their spending last month at the most rapid pace so far this year, not including an Easter spending rush in April, most of the increase was an indication of elevated prices for clothing and food after the EU referendum.
According to the British Retail Consortium (BRC), retail sales increased by an annual 1.9 percent in September on a like-for-like basis, up from 1.6 percent in the previous month.
The growth follows other indications that shoppers in the United Kingdom are adjusting to the increased inflation which can be largely attributed to the…