UK October retail sales -0.7% vs -0.3% m/m expected

• Prior +0.3%; revised to +0.1%
• Retail sales +2.4% vs +3.4% y/y expected
• Prior +3.9%; revised to +3.2%
• Retail sales (ex autos, fuel) -0.9% vs -0.4% m/m expected
• Prior +0.3%; revised to +0.1%
• Retail sales (ex autos, fuel) +2.0% vs +3.3% y/y expected
• Prior +4.0%; revised to +3.2%

UK retail sales slumped by more than expected last month, with a negative revision to boot for September. That’s not a good start ahead of the holiday period, reaffirming that retail sales is still in a largely more sluggish spot since 2022. For some context, the retail sales volumes for October 2024 are still seen 1.5% lower than where they were back in February 2020 i.e. pre-Covid.

This article was written by Justin Low at www.forexlive.com.