UK March retail sales -1.4% vs -0.3% m/m expected

Prior -0.3% Retail sales +0.9% vs +2.8% y/y expected Prior +7.0% Retail sales (ex fuel) -1.1% vs -0.4% m/m expected Prior -0.7% Retail sales (ex fuel) -0.6% vs +0.7% y/y expected Prior +4.6% Those are some poor numbers as the cost-of-living crisis that is deepening in the UK is likely weighing on consumption activity. The biggest contributor to the drop in retail sales comes from non-store retailing in which sales volumes fell by 7.9% over the month. That said, overall retail sales volumes were still seen 20.3% above their pre-pandemic levels i.e. February 2020. Looking at the details further, food store sales volumes fell by 1.1% in March while automotive fuel sales volumes fell by 3.8%. Inflation much?