UK’s April retail sales volumes grew 1.3% m/m. Meanwhile, retail sales ex-auto fuel was up 1.5% last month. The data came in above consensus expectations. On an annual basis, the headline retail sales grew 4.3% y/y. Nonetheless, the rolling three month growth rate was quite modest at 0.3%. Lately, retail sales returns on monthly basis have been quite volatile. This makes it tough to examine the underlying trend, said Lloyds Bank in a research report.
According to the Office of National Statistics,” the quantity bought in the retail industry is estimated to have increased by 1.3% m/m”. Meanwhile, the average store prices, including petrol station, dropped 2.8% y/y. The ONS said that the amount spent in the retail industry was up 1.2% y/y and 1% m/m in April. Also, the nation’s online sales value grew 9.3% y/y and 1.7% m/m last month.
Even if the 3 month on 3 month growth was moderate, April’s report indicated the strength of spending. It is in contrast to the decline in consumer sentiment in April to a sixteen month low and other latest information that implies that the UK economic activity is being weighed on by domestic uncertainty, added Lloyds Bank.
