Latest data released by ONS - 24 May 2018
- Prior -1.2%; revised to -1.1%
- Retail sales +1.4% vs +0.2% y/y expected
- Prior +1.1%; revised to +1.3%
- Retail sales (ex-autos and fuel) +1.3% vs +0.5% m/m expected
- Prior -0.5%
- Retail sales (ex-autos and fuel) +1.5% vs +0.1% y/y expected
- Prior +1.1%; revised to +1.3%
A beat on all fronts, and positive revisions. Cable breaks above 1.3400 on the back of the report. The core reading also blows away expectations, and that provides a positive outlook on consumption and spending as we get into Q2.
ONS reports that position for retail sales remain subdued despite the bounce back, and growth over the longer-term has slowed considerably. Looking into details, petrol prices contributed the most to the recovery, up by 4.7% in April vs the 6.9% drop in March.
------
