The cost-of-living squeeze

27 6月 2022, GBP/USD

The cost-of-living squeeze

GBPUSD trading plan:

British consumers cut back on shopping in May in the face of fast-rising inflation, and a measure of their confidence sank to a record low this month, according to data that underscored the scale of the cost-of-living squeeze. The Office for National Statistics said that sales volumes in May fell by 0.5% on the month. May's fall was driven by weaker food sales, Heather Bovill, ONS deputy director for surveys and economic indicators, said. "Feedback from supermarkets suggested customers were spending less on their food shop, because of the rising cost of living," she said. Worries about the hit to living standards contributed to two defeats in parliamentary by-elections for Prime Minister Boris Johnson's Conservative Party. Johnson responded to the losses by pledging to do more to tackle the cost-of-living crisis.

Investment idea: sell 1.2315 and take profit 1.2237.

David Johnson
Analyst of «FreshForex» company
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