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Rising inflation puts brakes on Britain’s retail sales

Jun 06, 2017, 6:37 AM EDT
(Source: Jack Torcello/flickr)
(Source: Jack Torcello/flickr)

According to the latest report by the British Retail Consortium and KPMG, retail sales in the U.K. slumped by 0.4 percent in May as rising inflation chipped away the gains made during April’s Easter holidays.

Paul Martin, the U.K. head of retail at KPMG, attributed the slide to a combination of inflation rise, wage growth stagnancy and the competitive nature of the U.K. grocery market, writes Chronicle Live.

Also, the costs of renting home in the U.K. have sunk for the first time since 2009 owing to a slowdown in the sector, notes The Guardian.

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