UK retail sales volume dropped -0.5% mom in May, better than expectation of -0.9% mom. Ex-fuel sales dropped -0.7% mom, better than expectation of -1.4% mom.
Over the 12-month period, retail sales dropped -4.7% yoy, versus expectation of -4.5% yoy. Ex-fuel sales dropped -5.7% yoy, versus expectation of -5.1% yoy.
ONS said: “The fall in sales volumes over the month was because of food stores, which fell by 1.6%; reduced spending in food stores seems to be linked to the impact of rising food prices and the cost of living.”
