UK December retail sales -3.2% vs -0.5% m/m expected

<ul><li>Prior +1.3%; revised to +1.4%</li><li>Retail sales -2.4% vs +1.1% y/y expected</li><li>Prior +0.1%; revised to +0.2%</li><li>Retail sales (ex autos, fuel) -3.3% vs -0.6% m/m expected</li><li>Prior +1.3%; revised to +1.5%</li><li>Retail sales (ex autos, fuel) -2.1% vs +1.3% y/y expected</li><li>Prior +0.3%; revised to +0.5%</li></ul><p>The pound is dragged lower as once again, UK retail sales disappoint heavily with a major plunge to wrap up the year. All major categories were lower on the month, with food stores sales down 1.2%, non-food stores sales down 1.5%, non-store retailing down 0.3%, and fuel sales down 0.2% in December.</p><p>All of this just reaffirms that high inflation remains a problem for UK households, something highlighted last month here: <a href="https://www.forexlive.com/news/uk-retail-sales-beat-masks-the-greater-pain-that-households-are-facing-20231222/" target="_blank" rel="follow">UK retail sales beat masks the greater pain that households are facing</a></p>

This article was written by Justin Low at www.forexlive.com.