UK retail sales plunge -2.7% mom in May, led by sharp drop in food spending – Action Forex
UK retail sales volumes slumped -2.7% mom in May, far worse than expectations of a -0.5% decline, marking the steepest monthly fall since December 2023.
The downturn was driven by a sharp -5.0% mom drop in food store sales, reversing April’s 4.7% mom gain and registering the largest fall in this category since May 2021. Non-food store sales also retreated, down -1.4% mom on the month, as department and household-related purchases weakened amid cautious consumer sentiment.
Despite May’s setback, retail sales volumes rose by 0.8% in the three months to May compared to the prior three-month period ending February.
