UK Retail Sales Rebound In May
(RTTNews) - UK retail sales rebounded in May as sales across all sectors recovered after poor weather damped turnover in April, official data revealed on Friday.
The retail sales volume grew 2.9 percent on a monthly basis, offsetting the 1.8 percent fall in April, the Office for National Statistics reported. The growth also exceeded economists' forecast of 1.5 percent.
Sales, excluding auto fuel, also expanded 2.9 percent after easing 1.4 percent a month ago. Sales were expected to grow 1.3 percent.
Food store sales increased 1.2 percent and auto fuel sales climbed 2.8 percent. Non-food stores sales advanced 3.5 percent, which was the fastest growth since April 2021, as improved footfall, better weather and promotions boosted sales of clothing and footwear, furniture stores and games and toy stores.
On a yearly basis, retail sales registered a growth of 1.3 percent in May, in contrast to the 2.3 percent decrease in April. The annual decline was worse than economists' forecast of 0.9 percent drop.
Excluding auto fuel, retail sales moved up unexpectedly by 1.2 percent, reversing the 2.5 percent fall in the prior month. Economists were forecasting a 0.8 percent fall.
With inflation falling back to target and consumer confidence improving, retail sales may well continue to strengthen, Capital Economics' economist Andrew Wishart said.
British consumer confidence rose slightly in June as consumers became more confident about general economic situation, monthly survey data from the market research group GfK showed Friday.
The consumer sentiment index advanced to -14 in May from -17 in April. The reading was seen at -16.
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