Financial News: UK Retail Sales Rise Unexpectedly

UK Retail Sales Rise Unexpectedly

10/18/2024 - 03:30:00 (RTTNews)

(RTTNews) - UK retail sales logged an unexpected growth in September on higher sales of technology products, the Office for National Statistics said Friday.

Retail sales grew 0.3 percent on month in September, confounding expectations for a 0.3 percent fall. This marked the third consecutive increase. Sales had increased 1.0 percent in August and 0.8 percent in July.

Similarly, retail sales, excluding auto fuel gained at a slower pace of 0.3 percent after rising 1.1 percent a month ago. Sales were forecast to fall 0.3 percent.

Food store sales declined 1.9 percent due to unreasonably poor weather and consumers cut back on luxury food items. Auto fuel sales dropped 0.1 percent.

Meanwhile, computer and telecommunication retailers boosted non-food store sales. Non-food store sales that combine the total of department, clothing, household and other non-food stores, increased 2.5 percent.

In September, retail sales advanced 3.9 percent from the last year, the strongest since February 2022. Sales were forecast to climb 3.2 percent after an increase of 2.3 percent in August.

Excluding auto fuel, retail sales grew 4.0 percent, following a 2.2 percent rise in the previous month.

Further, data showed that online spending values rose 1.3 percent in September. Compared to September 2023, online sales surged 6.7 percent.

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