The UK retail sales dropped 0.5% over the month in June, coming in way below the market expectations while core retail sales stripping the auto motor fuel sales dropped 0.6% m/m.
On an annualized basis, the UK retail sales rose 2.9% in June versus 3.9% expected while the core retail sales rose 3.0% in the reported month versus 4.5% previous and 3.0% expectations.
Commenting on today’s retail sales figures, Office for National Statistics senior statistician, Rhian Murphy said:
“Retail sales grew strongly across the three months to June 2018 as the warm weather encouraged shoppers to buy food and drink for their BBQs.”
“However, in June retail sales actually fell back slightly, with continued growth in food sales offset by declining spending in many other shops as consumers stayed away from stores and instead enjoyed the World Cup and the heatwave.”