(Union News) – UK retail sales in June rose more than expected from the previous month, according to government data on Friday.
The Office for National Statistics said retail sales fell 1.0% year-on-year in June, compared with a revised 2.3% decline in May. Markets were expecting a 1.5% drop, according to FXStreet consensus.
The annual data for May was first estimated at a decrease of 2.1%.
Month-on-month, sales rose 0.7% in June, accelerating from a revised 0.1% gain in May. June’s data topped market consensus, which had forecast a 0.2% gain.
May’s gain was initially reported at 0.3%.
Grocery store sales rebounded with 0.7% growth in June 2023, following a 0.4% decline in May 2023, with feedback from some supermarkets that good weather and promotions helped boost sales, the ONS said.
Sales at non-food stores rose 1.0%, after falling 0.5% in May. Department stores and furniture retailers say volumes have picked up thanks to summer sales and increased customer traffic.
Excluding fuel, retail sales fell 0.9% year-on-year in June, slowing from a 1.9% decline in May. On a monthly basis, non-fuel sales rose 0.8%, unchanged in May.
By Elizabeth Winter, Alliance News Senior Market Correspondent
Comment and ask questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All rights reserved.
