Retail sales unexpectedly declined by 0.3% in December, reversing a modest 0.1% gain in November. Economists anticipated a 0.4% increase. Consumers tightened their purse strings amid labor market uncertainty and the elevated inflation environment.
According to the Office for National Statistics,
- Non-store retailing and food store sales declined by 1.9% and 1.9%, respectively.
- However, Textile Clothing & Footwear Store sales had the largest contribution, surging by 4.4%, while Department Store sales increased by 1.2% in December.
- Retailers attributed rising Department Store and Household Goods sales to stronger Christmas sales.
- Automotive fuel sales rose 1.6%.
- Retail sales volumes declined by 0.8% quarter-on-quarter in Q4 2024 but were…
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