UK Retail Sales rise 0.5% MoM in April vs. 0.3% expected

The UK Retail Sales rose 0.5% over the month in April vs. 0.3% expected and -1.2% previous. The Core Retail Sales, stripping the auto motor fuel sales, increased 0.8% MoM vs. 0.3% expected and -1.4% previous.

The annual UK Retail Sales declined 3.0% in April versus -2.8% expected and March’s -3.9% figure while the Core Retail Sales decreased 2.6% in the reported month versus -2.8% expectations and -4.0% previous. 

Main points (via ONS)

Non-food stores sales volumes rose by 1.0% in April 2023, following a fall of 1.8% in March when poor weather conditions throughout most of March affected sales.

Food stores sales volumes rose by 0.7% in April 2023, following a fall of 0.8% in March 2023; sales volumes were 2.7% below their pre-coronavirus (COVID-19) February 2020 levels.

Non-store retailing (mainly online retailers) sales volumes rose by 0.2% in April 2023, following a fall of 1.4% in March 2023.

Despite falling fuel prices, automotive fuel sales volumes fell by 2.2% in April 2023, following a rise of 0.1% in March 2023.

FX implications

GBP/USD is sustaining its minor recovery at around 1.2335 after mixed UK Retail Sales data. The spot was last seen trading up 0.13% on the day.