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Financial News: UK Retail Sales Growth Tops Expectations

UK Retail Sales Growth Tops Expectations

06/14/2018 - 05:06:00 (RTTNews)

(RTTNews) - UK retail sales growth accelerated more than expected in May, figures from the Office for National Statistics revealed Thursday.

Retail sales volume including auto fuel, grew 1.3 percent month-on-month, following April's 1.8 percent increase. This was the second consecutive rise in sales and much bigger than the expected 0.5 percent.

Sales excluding auto fuel, climbed 1.3 percent versus 1.4 percent increase a month ago. Sales were expected to gain 0.3 percent.

The ONS said feedback from retailers suggested that a sustained period of good weather and Royal Wedding celebrations encouraged spending in food and household goods stores in May.

Year-on-year, overall retail sales growth advanced to 3.9 percent in May from 1.4 percent in April. Sales were forecast to climb 2.4 percent.

Similarly, excluding auto fuel, retail sales increased 4.4 percent after expanding 1.4 percent a month ago. This was also faster than the expected 2.5 percent.

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