Retail sales fell unexpectedly in January in a sign the consumer strength that has powered the economy in the wake of last June's Brexit vote might be waning in the face of higher inflation.
January registered a -0.2% contraction according to the Office for National Statistics (ONS) in opposition to the 0.7% growth it was expected to show.
The pound deepened its losses against the greenback after retail sales missed expectations, dropping 0.5% to 1.241 United States dollars. Nonetheless, the pace of decline was slower than December's 2.2 percent decrease.
Online sales did see a 10% increase year-on-year, but dropped by more than 7% compared to December.
US President Trump's nominee for labor secretary, Andrew Puzder, withdraws from consideration
The CKE Restaurants chief executive has also been criticised for his remarks on women and employees at his employees. He now is dean of Florida International University College of Law and chairman of U.S.
Inflation hit a 31-month high of 1.8 percent in January and is expected to rise further on higher import prices.
At food stores, prices increased by 0.5% in January compared with the month before, marking the biggest month-on-month rise since April 2013.
Economists had been pencilling in a figure of 1% growth.
The surprise fall in the official measure of retail sales volumes has brought the recent run of resilient economic news to an abrupt end and suggests that the hit to consumer spending growth from higher inflation is starting to materialize, Ruth Gregory, a United Kingdom economist at Capital Economics, said.
Sutton boss Doswell: Do I have sympathy for Arsene Wenger?
Former Celtic and Aston Villa striker Alan McInally believes that Manchester United and Arsenal will fail to finish in the top four come May.
Howard Archer, chief United Kingdom and European economist at IHS Global Insight, said: "January's further drop in retails sales after a marked dip in December suggest that consumers could now be starting to seriously rein in their spending as their spending power is increasingly squeezed".
Food store sales slid 0.5 percent from December, while non-food sales climbed 1 percent in January. This was the weakest expansion since November 2013.
Analysts said consumers were becoming wary of spending at a time when employment and earnings growth was slowing and inflation rising.
On an annual basis, retail sales grew just 2.6%, down from expectations of a 3.9% jump, the worst figure in more than a year.
Dr Reddys shares down 4% after adverse ruling in US
The company's share price has touched 52-week low at Rs 2,803.5, a negative development for the United States market. A company spokesperson stated "We are disappointed in the decision and intend to pursue an appeal in due course".