The Office for National Statistics reported a 1.2% rise in retail sales volumes for April, following a slight increase of 0.1% in March. While non-food store sales dipped by 0.7%, food sales surged by 3.9%, attributed to warmer weather prompting early barbecue activities. Clothing sales experienced a drop of 1.8% after prior strong growth. Analysts suggest the outlook for UK consumer spending remains uncertain amidst rising inflation and disposable income pressures, despite strong wage growth.
Retail sales volumes came in better than expected in April, largely due to very strong food sales, fuelled by warmer weather and earlier barbecuing.
What happens to UK consumer spending from here is anyone's guess. Higher than expected inflation puts pressure on disposable income and suggests interest rates won't come down as fast.
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