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UK retail sales were markedly weaker than expected last month, hurt by cost-of-living pressure and unseasonably warm weather, numbers on Friday showed.
According to the Office for National Statistics, retail sales volumes declined 1.0% year-on-year in September, easing from a 1.3% decline in August. However, retail sales had been expected to be flat on-year, according to FXStreet cited consensus.
Retail sales declined 0.9% in September from August, falling short of consensus. A monthly decline of 0.1% was forecast, according to FXStreet. In August, retail sales had fallen 0.4% from July.
‘Non-food stores sales volumes fell by 1.9% in September 2023; retailers reported that the fall over the month was because of continuing cost of living pressures, alongside the unseasonably warm weather reducing sales of autumn-wear clothing,’ the ONS said.
‘Non-store retailing (predominantly online retailers) sales volumes fell by 2.2% in September 2023, following a fall of 0.9% in August.’
Separate data showed UK public sector net borrowing picked up in September. Excluding public sector banks, borrowing totalled £14.35 billion, picking up from £11.40 billion in August. It was lower than the £15.90 billion accumulated in September 2022, however.
The ONS noted it was the sixth-highest borrowing figure for September since monthly records began in 1993, however. Nonetheless, September 2023’s outcome was the first time borrowing fell year-on-year since a decline in borrowing in September 2022.
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