FOREX TradingCharts.com

Financial News: UK Retail Sales Log Faster Growth On Higher

UK Retail Sales Log Faster Growth On Higher Prices: BRC

01/10/2023 - 08:07:00 (RTTNews)

(RTTNews) - UK retail sales increased notably at the end of the year, reflecting higher prices and strong Christmas shopping, data released by the British Retail Consortium and accountancy firm KPMG revealed Tuesday. Like-for-like sales grew 6.9 percent on a yearly basis in December, faster than the 4.2 percent rise in November.

"Despite the stronger sales, growth remained below inflation, making December the ninth consecutive month of falling volumes," BRC Chief Executive Helen Dickinson said.

Dickinson said retail faces further headwinds in 2023 as cost pressures show little immediate signs of waning and consumer spending will be further constrained by higher living costs.

Sales growth in December is largely due to goods costing more and masks the fact that the volume of goods that people are buying is significantly down on this time last year, said Paul Martin, UK head of retail at KPMG.

Elsewhere, a report from market researcher NielsenIQ said weak confidence regarding personal finances and falling disposable income of households will dampen demand. Food retail growth for this year is seen around 5 percent.

Data published earlier this month by market researcher Kantar showed that UK grocery sales grew 9.4 percent annually in December, which was the fastest pace since February 2021.

Although sales values rose significantly, inflation was the real driving factor supporting the growth rather than increased purchasing.

Grocery price inflation remained elevated at 14.4 percent, but was slightly lower than the 14.6 percent in November.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Australia Trade Surplus A$12.237 Billion In December (01 hr(s), 14 min(s), 10 sec(s) ago)
(RTTNews) - Australia posted a seasonally adjusted merchandise trade surplus of A$12.237 billion i ...Full Story»

Japan Household Spending Sinks 1.3% On Year In December (02 hr(s), 17 min(s), 10 sec(s) ago)
(RTTNews) - The average of household spending in Japan was down 1.3 percent on year in December, t ...Full Story»

Australia Interest Rate Decision Due On Tuesday (03 hr(s), 24 min(s), 10 sec(s) ago)
(RTTNews) - The Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and ...Full Story»

UK Car Registrations Rise 14.7% In January: SMMT (11 hr(s), 55 min(s), 10 sec(s) ago)
(RTTNews) - UK car registrations increased for the sixth straight month in January on the back of ...Full Story»

UK Construction Activity Registers Another Downturn (13 hr(s), 0 min(s),10 sec(s) ago)
(RTTNews) - The UK construction sector posted another contraction in January as rising interest ra ...Full Story»

Rise In Eurozone Sentix Investor Confidence Eases Recession Fears (13 hr(s), 32 min(s), 10 sec(s) ago)
(RTTNews) - Eurozone investor confidence strengthened to hit an 11-month high in February, replaci ...Full Story»

Slovenia Inflation Falls Slightly To 10% (13 hr(s), 38 min(s), 10 sec(s) ago)
(RTTNews) - Slovenia's consumer price inflation eased marginally at the end of the year, thoug ...Full Story»

Hungarian Retail Sales Fall For First Time In Nearly 2 Years (13 hr(s), 42 min(s), 10 sec(s) ago)
(RTTNews) - Hungary's retail sales volume declined for the first time in 21 months in December ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Australia Trade Surplus A$12.237 Billion In December

02/06/2023 - 19:40 PM (RTTNews)
(RTTNews) - Australia posted a seasonally adjusted merchandise trade surplus of A$12.237 billion i ...Full Story>>

Japan Household Spending Sinks 1.3% On Year In December

02/06/2023 - 18:37 PM (RTTNews)
(RTTNews) - The average of household spending in Japan was down 1.3 percent on year in December, t ...Full Story>>

Australia Interest Rate Decision Due On Tuesday

02/06/2023 - 17:30 PM (RTTNews)
(RTTNews) - The Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and ...Full Story>>

UK Car Registrations Rise 14.7% In January: SMMT

02/06/2023 - 08:59 AM (RTTNews)
(RTTNews) - UK car registrations increased for the sixth straight month in January on the back of ...Full Story>>

UK Construction Activity Registers Another Downturn

02/06/2023 - 07:54 AM (RTTNews)
(RTTNews) - The UK construction sector posted another contraction in January as rising interest ra ...Full Story>>

Do not sell my personal information

Copyright © 2023. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.