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UK Retail Sales Continue To Rise In August

UK retail sales grew for the fourth straight month in August but the pace of expansion slowed markedly, data from the Office for National Statistics showed Friday.

Retail sales volume increased 0.8 percent month-on-month in August, but slower than July’s 3.7 percent increase. Sales were forecast to climb 0.7 percent. This was the fourth consecutive rise in volume.

When compared with February 2020’s pre-pandemic level, total retail sales were 4.0 percent higher in volume terms.

Excluding automotive fuel, retail sales growth eased to 0.6 percent from 2.1 percent in July. The rate was expected to slow to 0.4 percent.

Food store sales were up 0.4 percent and non-food store sales gained 3.4 percent in August.

On a yearly basis, retail sales volume growth doubled to 2.8 percent from 1.4 percent. However, this was weaker than economists’ forecast of 3 percent.

Excluding auto fuel, retail sales volume advanced 4.3 percent annually versus a 3.1 percent rise in July. Economists had forecast an annual growth of 4.2 percent.

The material has been provided by InstaForex Company – www.instaforex.com