MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BRC-KPMG Retail Sales 2nd Lowest Reading Since Jun-22

UK DATA
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

UK Total Retail Sales saw soft growth of +0.7% Y/Y (vs +1.2% consensus, -4.0% prior) - making it the lowest reading since June 2022 (excluding volatile April Easter effected data).

  • Similarly Like-For-Like Sales rose only slightly relative to last months post-Easter fluctuations printing +0.4% Y/Y (vs -4.4% prior), again the lowest since June 2022, excluding April data.
  • As this is a value rather than volume series, the slowdown in sales continue to reflect disinflation in goods prices.
  • Despite the disappointment, total retail sales remained above the 3-month average of +0.3%, with Food Sales continuing to soften for the seventh consecutive month to +3.6% 3M Y/Y in the 3-months ending May (vs +4.4% prior) whilst the reduction in Non-Food Sales has slowed down to -2.4% 3M Y/Y (vs -2.8% prior).
  • ONS Retail Sales (ex-fuel) fell 1.5% Y/Y in value terms in April. The trend in the ONS series and BRC-KPMG series indicates that the ONS series should see a rebound in retail sales over the next few months.
  • Data covers 28 April - 25 May 2024.


172 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

UK Total Retail Sales saw soft growth of +0.7% Y/Y (vs +1.2% consensus, -4.0% prior) - making it the lowest reading since June 2022 (excluding volatile April Easter effected data).

  • Similarly Like-For-Like Sales rose only slightly relative to last months post-Easter fluctuations printing +0.4% Y/Y (vs -4.4% prior), again the lowest since June 2022, excluding April data.
  • As this is a value rather than volume series, the slowdown in sales continue to reflect disinflation in goods prices.
  • Despite the disappointment, total retail sales remained above the 3-month average of +0.3%, with Food Sales continuing to soften for the seventh consecutive month to +3.6% 3M Y/Y in the 3-months ending May (vs +4.4% prior) whilst the reduction in Non-Food Sales has slowed down to -2.4% 3M Y/Y (vs -2.8% prior).
  • ONS Retail Sales (ex-fuel) fell 1.5% Y/Y in value terms in April. The trend in the ONS series and BRC-KPMG series indicates that the ONS series should see a rebound in retail sales over the next few months.
  • Data covers 28 April - 25 May 2024.