British Consumers Spend More, Go Out Less In Early April

British consumers spent more in early April, partly due to soaring fuel prices, but fewer people left their homes to go to work, shop or socialise, raising the prospect of an economic slowdown caused by a cost-of-living squeeze.

Weekly credit and debit card data showed spending in the week to 7 April was 2 percentage points higher than the week before, though this was not adjusted for seasonal factors or inflation.

The Office for National Statistics said overall spending was 6% higher than in February 2020, before the COVID-19 pandemic, while average prices have risen by more than 8% since then.

ESM