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UK consumer spending slows in February as inflation fears dim sentiment, survey shows
UK consumer spending rose 1.1% year-on-year in February despite cautious households cutting energy use and delaying major purchases amid inflation fears linked to Middle East conflict.
- In the United Kingdom, February data showed that British consumer spending rose 1.1%, despite rising concerns about inflation from the Middle East conflict.
- Barclays found households grew more pessimistic as the Middle East conflict escalated, with around four in five consumers fearing it would push up fuel prices, energy bills and inflation.
- The British Retail Consortium reported that retail growth slowed to 1.1% at big retailers in February, down from 2.7%, with online non-food sales falling, indicating weakness.
- Consumer actions included delaying major purchases and increasing savings, with nearly half of shoppers reducing energy use while non-essential spending reached a six-month high last month.
- Given the February survey window, analysts note the slowdown may reflect normalisation after January, with Helen Dickinson warning the conflict 'threatens knocking any recovery off course.
9 Articles
9 Articles
UK consumer spending slows in February as inflation fears linked to West Asia tensions weigh on sentiment: Survey
Consumer spending in the United Kingdom grew modestly in February as households turned cautious amid fears that tensions in West Asia could push up inflation and energy costs, according to surveys by Barclays and the British Retail Consortium
UK consumer spending slows in February as inflation fears dim sentiment, survey shows
British consumer spending grew slowly in February as households grew more pessimistic about the outlook for the economy with the Middle East conflict raising concerns about a fresh rise in inflation, surveys showed on Tuesday.
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