UK Annual Retail Sales Volume Falls 4.7% In May

Monthly fall in sales volume linked to rising food prices, cost of living, says Office for National Statistics.

The UK's retail sales volume annually fell 4.7% in May, compared to the same month of last year, according to data released Friday by the Office for National Statistics (ONS).
While the market estimate was a 4.5% decline, retail sales volume annually decreased 4.9% in April.
On a monthly basis, the volume of retail sales fell 0.5% in May from the previous month.
The market expectation was a monthly decrease of 0.7% for May, while the April figure was revised down to a monthly increase of 0.4% from a rise of 1.4%.
Despite the decline, retail sales volumes were still 2.6% above their pre-coronavirus levels of February 2020, the ONS said.
"In the three months to May 2022, sales volumes fell by 1.3% when compared with the previous three months; this continues the downward trend since summer 2021," it said in a statement.
"The fall in sales volumes over the month was because of food stores, which fell by 1.6%; reduced spending in food stores seems to be linked to the impact of rising food prices and the cost of living," it added. -