UK June retail sales +0.9% vs +1.2% m/m expected | investingLive

• Prior -2.7%; revised to -2.8%
• Retail sales +1.7% vs +1.8% y/y expected
• Prior -1.3%; revised to -1.1%
• Retail sales ex autos, fuel +0.6% vs +1.2% m/m expected
• Prior -2.8%; revised to -2.9%
• Retail sales ex autos, fuel +1.8% vs +2.0% y/y expected
• Prior -1.3%; revised to -1.2%

The readings are a miss on estimates but at least reaffirms a rebound after a very weak May showing. The details show broad increases in sales volumes, led by food store sales as retailers noted that the warm weather has had a positive effect. Non-store retailer’s sales volumes, which mainly includes online retailers, rose by 1.7% – the highest since February 2022. Retailers suggested that promotions and the good weather contributed.

All in all, it’s a positive showing after a very poor one in the month before. In that lieu, it isn’t good to change things with regards to the BOE outlook.