UK retail sales rebound following growth in all areas except food shops
UK retail sales rebounded slightly last month on the back of growth in all areas except food shops, according to new figures out this a.m.
The Office for National Statistics (ONS) said retail sales volumes increased by 0.6 per cent in October, following a 1.5 per cent drop in September, which had been impacted by closures linked to the Queen’s funeral.
It was marginally higher than analysts had predicted, with a consensus compiled by Pantheon Macroeconomics having pointed towards a 0.4 per cent rise.
ONS director of economic statistics Darren Morgan said: “Retail sales increased in October, although this is likely a rebound effect after weak sales last month as many retailers closed or operated differently on the extra bank holiday for the Queen’s funeral.
“Looking at the broader picture, retail sales continue their downward trend seen since summer 2021 and are below where they were pre-pandemic.”