According to Jinshi, UK retail sales unexpectedly fell in October, deepening concerns that raising interest rates to curb inflation will affect economic activity. Data showed that UK retail sales fell by a seasonally adjusted monthly rate of 0.3% in October, and September's data was revised down to a decline of 1.1%. Economists had expected retail sales to rise 0.3%, but the data fell to the lowest level since COVID-19 restrictions in February 2021. Retailers blamed the poor performance on a cost-of-living crisis and bad weather. This is also the latest sign that the British economy has been affected by the Bank of England's 14th consecutive interest rate hike. Although living standards are improving, higher mortgage rates are still putting pressure on household budgets and consumer caution could push the UK economy into recession next year.