UK May retail sales -0.5% vs -0.7% m/m expected

* Prior +1.4%; revised to +0.4% * Retail sales -4.7% vs -4.5% y/y expected * Prior -4.9%; revised to -5.7% * Retail sales (ex autos, fuel) -0.7% vs -1.0% m/m expected * Prior +1.4%; revised to +0.2% * Retail sales (ex autos, fuel) -5.7% vs -5.1% y/y expected * Prior -6.1%; revised to -6.9% The drop in retail sales was mostly driven by a decline in food sales, with feedback from supermarkets suggesting that customers were spending less on food shopping amid the rising cost of living. Clothing sales were boosted ahead of the summer with fuel sales also increasing on the month, but offset by a drop in sales for household goods and department stores - again highlighting more pessimistic consumption behaviour. As inflation continues to grip the economy, it looks like the cost-of-living crisis is set to worsen in the months ahead for the UK. This article was written by Justin Low at www.forexlive.com.
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