UK April retail sales +9.2% vs +4.5% m/m expected
Latest data released by ONS - 21 May 2021
- Prior +5.4%; revised to +5.1%
- Retail sales +42.4% vs +36.8% y/y expected
- Prior +7.2%
Slight delay in the release by the source. Beats all across the board as UK retail sales activity sizzles in April amid the reopening of non-essential stores.
- Retail sales ex autos, fuel +9.0% vs +4.4% m/m expected
- Prior +4.9%; revised to +4.6%
- Retail sales ex autos, fuel +37.7% vs +31.7% y/y expected
- Prior +7.9%
ONS notes that the biggest contributor to retail sales were from non-food stores, with strong increases observed particularly in clothing stores. Overall, retail sales volumes were 42.4% higher than April last year but that owes much to base effects.
Meanwhile, as physical stores reopened, ONS notes that all retail sectors reported a drop in proportion of online sales during the month of April as such.
The data pretty much confirms what we should already know by now and that will continue to keep some pressure on the BOE to taper amid inflation and a hotter economy.