UK July retail sales +0.3% vs -0.2% m/m expected

Prior -0.1%
Retail sales -3.4% vs -3.3% y/y expected
Prior -5.8%
Retail sales ex fuel +0.4% vs -0.2% m/m expected
Prior +0.4%
Retail sales ex fuel -3.0% vs -3.1% y/y expected
Prior -5.9%

A surprise beat but a welcome one for the BOE as UK retail sales hold up last month, though the trend still hasn’t been too bright since the summer of last year. Looking at the details, the jump was mostly helped by non-store retailing (predominantly online retailers) as it rose by 4.8% last month. That is helped by a range of promotions, which boosted sales according to online retailers.

Elsewhere, the details are less rosy as automotive fuel sales volumes fell by 0.9% and non-food stores sales volumes fell by 0.7% over the month.