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UK retail sales declined last month despite expectations of a month-on-month increase, and declined faster than expected on an annual basis, official numbers on Friday showed.
According to the Office for National Statistics, retail sales volumes declined 2.7% year-on-year in October, quickening from a 1.3% decline in September. The September figure was revised from a previous 1.0% decline.
The October read also came in worse than feared, with market expectations of a 1.5% decline, according to FXStreet-cited consensus.
Retail sales declined 0.3% in October from September, falling short of consensus. A monthly increase of 0.3% was forecast, according to FXStreet. In September, retail sales had fallen 1.1% from August, revised from a previous 0.9% decline.
‘Automotive fuel sales volumes fell by 2.0% in October 2023; in the three months to October, sales volumes fell by 0.7% when compared with the previous three months, which may be affected by increasing fuel prices,’ the ONS said.
‘Non-food stores sales volumes fell by 0.2% in October 2023, following a 2.1% fall in September 2023; retailers suggested that cost of living, reduced footfall and the wet weather in the second half of the month contributed to the fall.’
Excluding fuel, sales volumes fell 0.1% on a monthly basis, compared to 1.3% in September, which was revised downwards from a 1.0% decline. Annually, non-fuel sales dropped 2.4%, after a 1.5% decline the prior month, which was also revised from a 1.2% drop.
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