Britain’s retailers suffered another weak month in October, official figures showed, in a sign that high interest rates are hurting the economy.

Retail sales volumes fell by 0.3pc in the month to September, according to the Office for National Statistics (ONS).

The drop was far more than analysts expectations of a 0.4pc gain and comes after retail sales were revised down for September to a drop of 1.1pc. 

Over the three-month period from August to October, sales volumes also fell by 1.1pc.

It comes amid hopes that the Bank of England might begin cutting interest rates early next year after separate data from the ONS showed the UK economy flatlined in the third quarter, while inflation fell in October to 4.6pc.

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