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UK retail sales fell in May against a backdrop of rising inflation as households across the country continue to grapple with the cost-of-living crisis, according to figures from the Office for National Statistics on Friday.
On an annual basis, UK retail sales fell 4.7% in May, easing from a 5.7% decline in April. The latest reading missed the market forecast, cited by FXStreet, for a 4.5% drop.
UK retail sales fell 0.5% in May month-on-month, reversing a 0.4% rise in April. The print beat the market estimate of a 0.7% decline.
The ONS said the fall in sales volumes over the month was because of food stores, which fell by 1.6%.
‘Retail sales fell in May driven by a decline in food sales. Feedback from supermarkets suggested customers were spending less on their food shop because of the rising cost of living,’ said Heather Bovill, deputy director for Surveys & Economic Indicators at the ONS.
The latest retail sales numbers come against a backdrop of rising inflation for UK households. On Wednesday, data showed the UK consumer price index rose by 9.1% year-on-year in May - its fastest increase in 40 years.
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