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Financial News: UK Retail Sales Rise More Than Expected

UK Retail Sales Rise More Than Expected

08/21/2020 - 02:19:00 (RTTNews)

(RTTNews) - UK retail sales rose more-than-expected in July driven by non-food store turnover, data from the Office for National Statistics showed Friday.

Retail sales grew 3.6 percent month-on-month in July, but slower than the sharp 13.9 percent rise in June and 12.2 percent increase in May. Economists had forecast sales to rise 2 percent.

Likewise, retail sales, excluding auto fuel, rose at a slower pace of 2 percent after growing 13.4 percent in June. Sales were forecast to rise 0.2 percent.

The ONS said sales volumes were 3 percent above pre-pandemic levels in February 2020. Food store sales were down 3.1 percent, while non-food sales grew 10 percent.

On a yearly basis, overall retail sales advanced 1.4 percent in July, in contrast to a 1.6 percent fall in June. This was much faster than economists' forecast of 0.1 percent rise.

Excluding auto fuel, retail sales growth accelerated to 3.1 percent from 1.7 percent in June. Sales were expected to climb 1.5 percent.

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