In a surprising turn, UK retail sales experienced a downturn in December due to a drop in food store sales, as reported by the Office for National Statistics on Friday. Retail sales volume fell by 0.3 percent compared to the previous month, diverging from the adjusted 0.1 percent uptick seen in November and defying expectations of a 0.4 percent increase.
While sales in supermarkets took a hit, this was partially counteracted by a rise in non-food stores, particularly clothing retailers, which saw a recovery after declines in prior months.
Excluding automotive fuel, retail sales saw a reduction of 0.6 percent following a modest 0.1 percent gain in November, while analysts had anticipated a 0.1 percent increase.
On an annual basis, retail sales saw an increase of 3.6 percent, following a stagnation in November. However, this growth fell short of the predicted 4.2 percent.
When removing auto fuel from the equation, retail sales volume registered a 2.9 percent increase, a notable contrast to the 0.5 percent drop noted a month earlier. Economists had expected a year-on-year growth rate of 3.6 percent.
The material has been provided by InstaForex Company -
www.instaforex.com
