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UK retail sales climb May on favourable weather, Royal Wedding

June 14, 2018 8:50 AM
23 0
UK retail sales climb May on favourable weather, Royal Wedding

Mubasher: Retail sales in the UK increased 1.3% month-on-month in May, driven by growth from all sectors, as retailers cited good weather and Royal Wedding celebrations boosted expenditure in food and household goods.

Moreover, retail industry saw a sharp year-on-year rise of 3.9% in the fifth month of the year compared with the rise of 1.4% seen in the previous month, data released by the Office for National Statistics (ONS) revealed on Thursday.

ONS data suggested that the warm weather and slow yearly increase of 0.7% in the same month last year drove the surge in retail sales.

As for non-store retailing, sales rose 4.5% month-on-month in the fifth month of the year, while they increased 4.9% over the three month ended May and went up 16.2% compared with the same month last year.

Online spending in clothing stores grew to 17.6% at a much faster pace in the last 14 months, compared from 14.7% in March 2017, while food and department stores saw rises in online spending during the month grew to 5.8% and 17.4% respectively.

By 9:10 am GMT, the GBP/USD pair rose 0.23% to $1.1818, unlike the EUR/GBP which shed 0.26% to GBP 0.8794.


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