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UK consumer spending drops as inflation hit intensifies

19/08/2022 09:29

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

"Consumer behaviour indicators showed mostly falling or stable activity in the latest week," the ONS said.

Britain's economy is expected to enter a recession later this year as inflation climbs further into double digits, hitting consumer spending power.

Reuters