tl;dr:

Britain’s main statistical agency said Friday that retail sales slowed in May as high inflation continued to weigh on the sector but strong online sales numbers ensured growth remained in the black. File Photo Hugo Philpott/UPI. June 23 - Retail sales growth in Britain slowed in May as rising cost of living and food prices exerted a drag on spending with consumers cutting back on grocery shopping but strong online sales ensured volumes held up better than expected, figures out Friday show. Retail sales volumes increased by an estimated 0.3% in May, down from a 0.5% rise in April, pulled lower by a 0.5% fall in food store sales, but this was partly offset by a 2.7% jump in non-store retailing volumes with online retailers’ sales of traditional summer lines benefiting from good weather, the Office for National Statistics said. Sales volumes had been forecast to shrink by 0.2% in May but the positive growth delivered still left volumes 2.1% lower than in May 2022. A 13th consecutive interest rate rise by the Bank of England to 5% on Thursday as it stepped up its battle to bring prices under control is likely to exert further downward pressure on retail sales as higher mortgage and loan repayments hit consumers’ discretionary spending power.

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