Economic Buzz: UK Retail Sales Drops 0.5% In May

24 Jun 2022 , 02:12 PM

UK retail sales declined in May as high cost of living pulled consumer sentiment to a record low and weighed on households spending in food stores. Retail sales volume dropped 0.5 percent month-on-month in May, reversing a revised 0.4 percent increase in April, the Office for National Statistics said. On a yearly basis, overall retail sales volume decreased at a slower pace of 4.7 percent after easing 5.7 percent in April. Sales were forecast to drop 4.5 percent. In the three months to May, sales volumes fell 1.3 percent when compared with the previous three months.Powered by Commodity Insights