UK retail sales fall more than expected
UK retail sales fell more than expected in October amid uncertainty ahead of the Budget, according to figures released on Friday by the Office for National Statistics.
Retail sales fell by 0.7% on the month in October following a 0.1% increase the month before. Economists had been expecting a 0.3% decline.
September’s gain was revised down from 0.3%.
Non-food stores sales volumes fell by 1.4% following a 2.3% jump in September and the ONS said that retailers across a range of industries suggested that low consumer confidence and uncertainty around the Budget had affected sales.
Sales at clothing stores were particularly weak, dropping 3.1% on the month.
ONS senior statistician Hannah Finselbach said: "Retail sales fell back in October following three months of growth. The fall was driven by a notably poor month for clothing stores, but retailers across the board reported consumers held back on spending ahead of the Budget.
"However, when we look at the wider trend, retail sales are increasing across the three month and annual periods, although they remain below pre-pandemic levels."