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UK retail sales drop 0.2% in August

UK retail sales drop in August

Retail sales in the United Kingdom dropped in August on a fall in non-store retailing, data from the Office for National Statistics showed on Thursday.

Retail sales volume plunged 0.2 percent last month, matching forecasts, following an upwardly revised of 0.4 percent soar in July. The fall in retail sales suggested that households spent less money in August.  

“Non-store retailing was the largest contributor to the monthly fall because of its large weight of 50.7%,” the ONS said.

Over the quarter ended August, retail sales grew by 0.6 percent, which the ONS calls “moderate growth.”

The annual reading showed a 2.7 percent increase, compared to a prior of 3.4 percent, surpassing analysts’ projections of 2.5 percent.

The GBPUSD pair traded higher at 1.2493, compared to the session’s open at 1.2469, as of 08:50 GMT, ahead of BOE rate decision.

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