UK Consumer Spending Rebounds as Sun Comes Out

British shoppers set aside their concerns about fast-rising inflation following the Brexit vote and stepped up spending last month at the fastest rate in years, encouraged by fine weather, official data showed.

The unexpectedly strong figures suggest that – at least temporarily – consumers’ mood has become more upbeat in the run-up to a June 8 national election that Prime Minister Theresa May’s ruling Conservatives are tipped to win by a wide margin.

Retail sales volumes jumped by 2.3 percent on the month in April, the Office for National Statistics said on Thursday, beating the median forecast for a 1.0 percent rise in a Reuters poll of economists.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.