UK consumer spending plunges – report

British consumer credit and debit card spending fell sharply over the past week, according to data released on Thursday by the Office for National Statistics (ONS).

Spending was reportedly 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 coronavirus pandemic.

“Consumer behavior indicators showed mostly falling or stable activity in the latest week,” the ONS wrote.

The UK economy is forecast to enter recession later this year as inflation rates hit double digits in the next couple of months.

Consumer prices in the Eurozone have also hit an historic high. Inflation in the 19-member currency bloc has risen by 8.9% in the past year, the highest rate ever recorded, Eurostat reported on Thursday.

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