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Retail sales does little to alter the monpol outlook

UK DATA
  • Non-store retail sales (and fuel) provided all the positive growth as they were boosted by strong sales of "outdoor-related goods and summer clothing" helped by the warm weather with garden centres and DIY stores seeing growth too.
  • Food sales fell back, and this was "exacerbated by many people ordering takeaways and drinking out more during the extra bank holidays."
  • Note: "As a one-off event, the impact of the additional bank holiday on 8 May 2023 has not been removed from our seasonally adjusted estimates. This should be considered when interpreting the seasonally adjusted movements involving May 2023."
  • Overall a bit of a mixed report, combined with downside revisions to April. This isn't going to really change the monetary policy outlook at all, and hence there is little reason for markets to react.
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