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UK DATA: Food sales particularly weak

UK DATA
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Looking more at retail sales, food store sales were particularly weak, down 1.9% M/M and the ONS noting this puts index levels "at their lowest since April 2013."

  • Clothing sales were strong (and to a lesser extent non-food stores were generally on a M/M basis).
  • As we noted earlier, however, despite the MPC becoming more concerned regarding growth recently, retail sales data are so volatile they are hard to read too much into. Overall, this is a disappointing print though - and the pound is reacting accordingly.
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Looking more at retail sales, food store sales were particularly weak, down 1.9% M/M and the ONS noting this puts index levels "at their lowest since April 2013."

  • Clothing sales were strong (and to a lesser extent non-food stores were generally on a M/M basis).
  • As we noted earlier, however, despite the MPC becoming more concerned regarding growth recently, retail sales data are so volatile they are hard to read too much into. Overall, this is a disappointing print though - and the pound is reacting accordingly.