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UK retail sales painted a mixed picture in June, figures on Friday showed, with the sector seeing a slight Platinum Jubilee holiday boost, though the cost-of-living crisis also was evident.
According to the Office for National Statistics, UK retail sales volumes fell 5.8% annually in June, worsening from a 4.7% decline in May. The figure was worse than the FXStreet-cited market consensus of a smaller 5.3% fall.
On a monthly basis, sales fell 0.1% in June from May. In May, they had fallen 0.8% from April, and that figure was downwardly revised from a 0.5% fall.
Excluding fuel, retail sales fell 5.9% yearly in June, following a 5.5% decline in May. June's figure, though worse than May's, beat an FXStreet-cited forecast of a 6.3% decline.
On monthly basis, fuel-excluded retail sales were 0.4% higher, defying expectations of a 0.4% decline, and swinging from a 1% fall in May.
In the UK, there was a bank holiday between June 2 and June 5 to mark the Queen's Platinum Jubilee.
Ahead of the data, a report early Friday showed consumer confidence in the UK remains ‘severely depressed’ as households grapple with soaring food and fuel prices. GfK's long-running consumer confidence index languished at a historic low of minus 41 in July.
The figures also come after the race to replace UK Prime Minister Boris Johnson was whittled down to two. Former chancellor Rishi Sunak and Foreign Secretary Liz Truss have a policy divergence on income tax.
Sunak would prefer to bring inflation down before lowering taxes, while Truss wants to cut taxes sooner.
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