UK sales rebounded once again to show a close in March as the spike in inflation continued to impact user demand.
Sales slumped 1.4% on Mac from the 0.3% drop recorded in February and was expected by the market, according to the State Statistics Officer (ONS).
Among the main contributing factors to this downturn were the drastic drop in sales of food, clothing and shoes, and petrol and price hikes which weakened consumer spending.
Not only that, but retail sales online have also experienced a sudden slump which coincided with further easing of the country's coronavirus barriers.
The pound plunged further following the data reading, which pushed it below 1.3000 versus USD, its weakest level since November 2020.
Previously, a separate review by GfK showed British user sentiment fell to nearly its lowest level since records began nearly 50 years ago in April.
This stems from the crisis in the cost of living that is getting worse, which has affected the household's confidence in the economy and their personal finances.
The gap between wage growth and inflation is widening. The contents of the house now face another big challenge this month if the energy bill and income tax increase suddenly.
