BRC: Sales rise amid cost of living squeeze

Responding to the latest ONS Retail Sales Index figures, Helen Dickinson, Chief Executive of the British Retail Consortium, said:

“Retail sales growth accelerated to 6.3%, its highest level since March 2022, however rising inflation meant that sales volumes remained firmly in the red. Despite the ongoing cost of living squeeze, consumers were still ready to spend on what they needed, with higher sales for categories including clothing and cosmetics. There remain challenges to consumer spending in the coming months with the end of the Energy Bill Support Scheme in April and the increasing cost of borrowing. It is essential that Government avoids any additional regulatory burdens on business that would risk pushing prices up, adding to the squeeze on consumer wallets.”

-ENDS-

According to the ONS, on a Year-on-year seasonally adjusted basis:

• Sales by Value (amount spent) increased 6.3% YoY (this growth is primarily due to rising prices)
• Sales by Volume (quantity bought) fell 3.3% YoY