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- UK Retail Sales decline 1.4% MoM in September vs. -0.5% expected
UK Retail Sales decline 1.4% MoM in September vs. -0.5% expected
- The UK Retail Sales came in at -1.4% MoM in September, a big miss.
- Core Retail Sales for the UK fell by 1.5% MoM in September.
- The cable extends losses below 1.1200 on the downbeat UK data.
The UK retail sales arrived at -1.4% over the month in September vs. -0.5% expected and -1.7% previous. The core retail sales, stripping the auto motor fuel sales, dropped 1.5% MoM vs. -0.3% expected and -1.6% previous.
On an annualized basis, the UK retail sales plunged -6.9% in September versus -5.0% expected and -5.6% prior while the core retail sales tumbled 6.2% in the reported month versus -4.1% expectations and -5.3% previous.
Main points (via ONS)
Food store sales volumes fell by 1.8% in September 2022, which leaves them 3.2% below their pre-coronavirus levels in February 2020.
Non-store retailing (predominantly online retailers) sales volumes fell by 3.0% in September 2022; despite this fall, sales volumes were 18.0% above their February 2020 levels.
Non-food stores sales volumes fell by 0.6% in September 2022 and are 2.7% below February 2020 levels.
Automotive fuel sales volumes fell by 1.3% in September 2022; these were 10.2% below their February 2020 levels.
FX implications
GBP/USD is holding the lower ground on the disappointing UK Retail Sales data. The spot was last seen trading at 1.1185, down 0.41% on the day.
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