UK consumer spending falls on sharp rise in inflation



FILE PHOTO.  Shoppers inside a Tesco Extra supermarket in London, UK.  February 10, 2022. REUTERS/Paul Childs
FILE PHOTO. Shoppers inside a Tesco Extra supermarket in London, UK. February 10, 2022. REUTERS/Paul Childs

LONDON, Aug 18 (Reuters) – British consumer spending on credit and debit cards fell sharply over the past week and other measures of their behavior remained stable or declined, according to weekly data compiled by the Office for National Statistics. ONS).

Credit and debit card spending – which is based on the Bank of England’s CHAPS interbank payment flows and is not adjusted for season or inflation – was seven percentage points lower in the week to August 11 than in the previous week. and stood at 97% of its level in February 2020, just before the COVID-19 pandemic.

“Consumer behavior indicators showed mostly declining or stable activity in the past week,” the ONS said.

The UK economy is expected to slip into recession later this year as inflation continues to climb into double digits, weighing on consumers’ purchasing power.

(Reporting by William Schomberg; edited in Spanish by Benjamín Mejías Valencia)





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