Public spending in food stores fell for the first time on record in July this year, putting the UK recovery in doubt after a very worrying, unprecedented record fall in food sales, with many consumers evidently yet to feel the benefit of the so-called recovery, writes kittysjones.
The price of food was 0.2% higher than a year ago. The Office for National Statistics (ONS) started collecting the data in 1989.The volume of food sales was also down last month, by 1.5% on an annualised basis.
There was also a marked fall in petrol consumption, and the only prominent area of growth was in spending that entailed use of mail order catalogues, and at market stalls, as people use credit to buy essential items and shop around for cheap alternatives and bargains.
It doesn’t take a genius to work out that repressed, stagnant wages and RISING living costs are going to result in reduced sale volumes. Survation’s research in March this year indicates that only four out of every ten of UK workers believe that the country’s economy is recovering. But we know that the bulk of the Tory austerity cuts were aimed at those least able to afford any cut to their income.
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