- UK Retail Sales Fall -0.5% MoM in May, Beating Estimates
- Core retail sales fell 0.7% mom in May.
UK retail sales came in at -0.5%m/m in May vs. -0.7% expected and 1.4% before. Core retail sales excluding auto fuel sales were -0.7%m/m vs -1.0% expected and 1.4% prior.
In annual terms, UK retail sales fell by 4.7% in May, against -4.5% expected and -5.7% prior, while core retail sales plunged 5.7% in the reported month, vs. -5.1% expected and -6.9% prior.
Main points (via ONS)
The drop in sales volume in the month was due to food stores, which fell 1.6%; the reduction in spending in grocery stores appears to be related to the impact of rising food prices and the cost of living.
The volume of fuel sales increased by 1.1% in May of 2022, which may be related in part to the rise of hybrid work and the fall of those who work exclusively from home.
The sales volume of non-food businesses did not vary (0.0%) in the month; the increase in clothing sales (2.2%) was offset by the drop in household items (negative 2.3%), such as furniture stores, and department stores (negative 1.1%).
Source: Fx Street
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