UK retail sales fall faster than expected
Source: Agencies |
June 17, 2011, Friday
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Print Edition
Print Edition
BRITISH retail sales fell more than twice as fast as expected in May, more than reversing the previous month's gains as worries about the economy led consumers to cut back sharply after a Royal Wedding-related splurge in April, official data showed yesterday.
The Office for National Statistics said sales volumes, including automotive fuel, fell 1.4 percent last month, more than reversing April's 1.1 percent gain and well below analysts' forecasts for a fall of 0.6 percent. It was the biggest fall since January 2010.
The figures are likely to reinforce the case for the Bank of England to leave interest rates at their record low 0.5 percent for some time, amid signs the economic recovery is running out of steam.
Bank of England Governor Mervyn King said on Wednesday he is in no hurry to start tightening policy, saying Britain was in store for several tough years.
Excluding fuel, retail sales slid 1.6 percent on the month, also well below expectations.
The ONS said the fall was driven by the biggest monthly decline in predominantly food store sales since June 2008.
It said retailers reported the downturn was a result of consumers cutting back due to the economic climate, for example increasing fuel prices and uncertainty over job prospects and pay.
It added anecdotal evidence suggested the drop in food store sales was mainly due to a decline in spending on non-food items. Retailers said sales had been driven by special offers.
May's drop in sales volumes more than reversed the boost to sales from the Royal Wedding and record warm weather in April.
The Office for National Statistics said sales volumes, including automotive fuel, fell 1.4 percent last month, more than reversing April's 1.1 percent gain and well below analysts' forecasts for a fall of 0.6 percent. It was the biggest fall since January 2010.
The figures are likely to reinforce the case for the Bank of England to leave interest rates at their record low 0.5 percent for some time, amid signs the economic recovery is running out of steam.
Bank of England Governor Mervyn King said on Wednesday he is in no hurry to start tightening policy, saying Britain was in store for several tough years.
Excluding fuel, retail sales slid 1.6 percent on the month, also well below expectations.
The ONS said the fall was driven by the biggest monthly decline in predominantly food store sales since June 2008.
It said retailers reported the downturn was a result of consumers cutting back due to the economic climate, for example increasing fuel prices and uncertainty over job prospects and pay.
It added anecdotal evidence suggested the drop in food store sales was mainly due to a decline in spending on non-food items. Retailers said sales had been driven by special offers.
May's drop in sales volumes more than reversed the boost to sales from the Royal Wedding and record warm weather in April.
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