UK December retail sales -1.0% vs +0.5% m/m expected

• Prior -0.4%; revised to -0.5%
• Retail sales -5.8% vs -4.1% y/y expected
• Prior -5.9%; revised to -5.7%
• Retail sales (ex fuel) -1.1% vs +0.4% m/m expected
• Prior -0.3%
• Retail sales (ex fuel) -6.1% vs -4.4% y/y expected
• Prior -5.9%; revised to -5.6%

This is but another sign that the UK consumer is suffering as retail sales miss on estimates by quite some margin. The pound has fallen to fresh lows on the day as a result as sales volumes are now down 1.7% below their pre-pandemic levels. Looking at the details, non-food stores sales volumes fell by 2.1% and food store sales volumes fell by 0.3% on the month.

The worst part of the report is that early Christmas spending was noted but even so, November also reflected a drop in retail sales activity to go along with the steeper drop in December. If anything else, that's a clear signal of a collapse in consumer spending as the cost-of-living crisis worsens across UK households.

/GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term