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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