- Prior +0.5%
- Retail sales -2.1% vs -2.6% y/y expected
- Prior -3.0%; revised to -3.4%
- Retail sales (ex fuel, autos) +0.1% vs -0.3% m/m expected
- Prior +0.8%; revised to +0.7%
- Retail sales (ex fuel, autos) -1.7% vs -2.1% y/y expected
- Prior -2.6%; revised to -3.0%
UK retail sales beat estimates and rose in the month of May, so at least that is some comfort for the BOE as they raise rates further. But if you strip out the more volatile parts, the growth was rather marginal. Here’s the breakdown on the month:
In any case, there is still a stark divergence between volume and value sales in the UK. And that will take some time to sort itself out as high inflation continues to impact the economy and feed through to consumers.