UK Retail Sales Rise in May

UK retail sales volumes rose 1.4 percent in May compared to April – slightly ahead of the forecasted rise of 1.2 percent – and up 2.4 percent compared to last year.

According to the Office for National Statistics, sales of clothes and shoes have driven the volumes up in May.

Sales had dropped 2.3 percent in April, largely due to the wet weather and panic-buying of petrol in March caused by concerns over a truck driver strike.

Retailers’ recent performance is an indicator of strengthening consumer spending, which in the UK contributes to about 60 percent of the gross domestic product.

The Bank of England (BoE) hopes that falling inflation will reduce the pressure on household incomes, allowing them to spend more and boost the economy.

Source: Reuters

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