Growth in UK retail sales eased in October, numbers from the British Retail Consortium (BRC) showed.
According to the latest BRC-KPMG tracker, retail sales increased 2.5% year on year last month, picking up speed from a 1.6% rise in October 2022, but a slight slowdown from 2.7% in September.
Food sales increased 7.9% in the three months to October, below the 12-month average rise of 8.5%. Non-food sales decreased 1.0%, falling short of the 12-month average climb of 0.6%.
BRC chief executive Helen Dickinson commented: "Retail sales growth slowed as high mortgage and rental costs further shook consumer confidence.”
“Many households are also delaying their Christmas spending in the hopes they can grab a bargain in the upcoming Black Friday sales.”
“The cost-of-living squeeze meant more was spent on lower-price indulgences, such as beauty products – the so-called 'Lipstick Effect'. Meanwhile, the arrival of some colder weather helped to boost fashion sales, particularly for outdoor wear.”