UK August retail sales +0.5% vs +0.3% m/m expected

• Prior +0.6%; revised to +0.5%
• Retail sales +0.7% vs +0.6% y/y expected
• Prior +1.1%; revised to +0.8%
• Retail sales ex autos, fuel +0.8% vs +0.7% m/m expected
• Prior +0.5%; revised to +0.4%
• Retail sales ex autos, fuel +1.2% vs +1.0% y/y expected
• Prior +1.3%; revised to +1.0%

The readings are a slight beat on estimates but do keep in mind that it comes amid a negative revision to the July numbers. In the three months to August, retail sales volumes were still down 0.1% but at least less markedly compared to the 0.6% fall in the three months to July. But when compared to the pre-pandemic i.e. February 2020 levels, retail sales volumes are down 2.1%.

On the month itself, there were modest increases in sales for all categories i.e. food stores, department stores, non-food stores, textile and clothing. That is all partially offset by a fall in automotive fuel sales.

Overall, it’s just a modest bump on the month but the big picture remains a struggle for the UK consumer as higher prices are still largely playing a part in pinching households.

This article was written by Justin Low at investinglive.com.