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Retail Sales Up after September's State Funeral Hit

UK DATA
MNI (London)

UK retail sales were slightly stronger than expectations in October, expanding by 0.6% m/m (+0.3% ex fuel) following a -1.5% m/m contraction.

  • Sales remained -6.1% y/y below October 2021 levels. According to an ONS spokesperson, overall sales volumes were 0.6% below February 2020 levels.
  • The October pickup is partly a reflection of September's additional public holiday and as such masks weaker sales growth.
  • This coincides with consumer confidence hovering around historic lows, as high energy, food and mortgage prices continue to squeeze disposable incomes.
  • "Following (Thursday's) Budget, the Office for Budget Responsibility pointed to a 7% real-terms decline in household income which is going to be a terrible weight on sentiment in coming months," Joe Staton, the head of GFK's Client Strategy told MNI Thursday.

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UK retail sales were slightly stronger than expectations in October, expanding by 0.6% m/m (+0.3% ex fuel) following a -1.5% m/m contraction.

  • Sales remained -6.1% y/y below October 2021 levels. According to an ONS spokesperson, overall sales volumes were 0.6% below February 2020 levels.
  • The October pickup is partly a reflection of September's additional public holiday and as such masks weaker sales growth.
  • This coincides with consumer confidence hovering around historic lows, as high energy, food and mortgage prices continue to squeeze disposable incomes.
  • "Following (Thursday's) Budget, the Office for Budget Responsibility pointed to a 7% real-terms decline in household income which is going to be a terrible weight on sentiment in coming months," Joe Staton, the head of GFK's Client Strategy told MNI Thursday.