Wet weather was to blame for the U.K. retail sales volumes drop of 2.3% in April 2024.
Shoppers were deterred from the high street, the Office for National Statistics (ONS) said Friday 24th May 2024.
Economists expected a smaller retail sales fall of 0.4%.
Sales volumes declined across multiple sectors, with clothing retailers, sports equipment, games and toys stores, and furniture outlets experiencing a downturn as adverse weather conditions led to a decrease in customer visits, according to the ONS.
March’s figure was revised from flat to a 0.2% decline.
Sales increased by 0.7% over the three months leading up to April, compared to the preceding three months, despite a sluggish December and holiday season. However, there was a 0.8% decline when compared with the same period last year.
Will the Bank of England (BoE) drop interest rates in June now that inflation is down to 2.3% – close to the target of 2%?