Retail sales slowed last month as surging inflation and a deepening cost-of-living crisis forces shoppers to adjust their spending habits.
Retail sales grew 1.2pc in October, though this was down from 1.8pc the previous month, according to the BRC.
The recent surge in prices means shoppers are spending more to buy less. As a result, they’re shunning luxury items like clothing and household decorations and focusing on essentials.
Helen Dickinson, chief executive of BRC, said shoppers could also be delaying spending ahead of Black Friday sales.
5 things to start your day
1) Bank of England calls for crackdown on money managers after mini-Budget pensions crisis – Central banks are increasingly having to use public money to bail out lightly regulated shadow banks, senior policy maker warns.
2) RMT blamed for Monday rail chaos after ‘sitting on’ potential pay deal – Just one in five train services running on some routes following strike cancellation.
3) ‘We don’t listen to Greta Thunberg,’ says Ryanair chief Michael O’Leary – ‘Flight-shaming’ movement has had little impact on aviation, exec says as airline posts record profits.
4) Nightingale hospital venue ExCeL sues insurers for £16m over Covid disruption – High Court claim against insurers argues centre should be covered for Covid impact.
5) Chinese exports fall for the first time since 2020 as Xi Jinping persists with zero Covid – Country’s economic struggles continue as Covid outbreak hits key iPhone factory.
What happened overnight
Asian stocks were mixed this morning ahead of the US midterm elections with trading likely to stay bumpy in a week that brings new inflation data and other events that could shake markets.
Tokyo’s Nikkei 225 gained 1.3pc on strong earnings reports. The Kospi in Seoul advanced 1.1pc and Australia’s S&P/AXS 200 gained 0.4pc.
Hong Kong’s Hang Seng sank 0.6pc, while the Shanghai Composite index shed 0.8pc.
