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Retailers hurt as shoppers cut back spending

Retailers suffered in February as UK consumers sharply cut back their spending.

The British Retail Consortium said high energy bills and the rising cost of a weekly shop were forcing shoppers to cut back.

Total sales rose by 5.2% in February compared with a year earlier, up slightly from January’s annual growth rate of 4.2%. However, much of the rise was a result of high inflation pushing up the value of goods being sold, masking weaker sales volumes.

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