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UK retail sales figures for the final month of 2023 came in much weaker than expected, official data on Friday showed.
According to the Office for National Statistics, retail sales volumes dropped 2.4% year-on-year in December. This followed a 0.2% rise in November, which was upwardly revised from a 0.1% increase.
The December reading also came in worse than expected, with market forecasts of a 1.1% increase, according to FXStreet-cited consensus.
‘On an annual basis, sales volumes fell by 2.8% in 2023 and were their lowest level since 2018,’ the ONS noted.
Retail sales fell 3.2% in December from November, coming in well below market consensus. A monthly decline of 0.5% was forecast, according to FXStreet. In November, retail sales had risen 1.4% from October, revised from a previous 1.3% rise.
‘December’s decrease was the largest monthly fall since January 2021, when coronavirus restrictions affected sales,’ the ONS noted.
Excluding fuel, retail sales fell 2.1% annually in December, after rising 0.5% in November. Market forecasts had expected a 1.3% rise. Non-fuel sales fell 3.3% on-month in December, after rising 1.5% in November from October. A decline of just 0.6% was expected.
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