UK July retail sales arrive at 0.3% m/m vs 0.2% expected

The office for National Statistics (ONS) published the UK’s retail trade report, which showed that the UK consumer spending stalled its rebound and ticked lower in July, although eased less-than expected on monthly basis.

The UK’s retail volumes came in at 0.3% in July m/m, while the annualized retail spending dropped sharply to 1.3%. Markets had estimated a 0.2% reading on a monthly basis; while a 1.4% print was expected on yearly basis.

Retail sales excluding volatile items such as fuel bettered market expectations, arriving at 0.5% m/m and 1.5% y/y.