UK Retail Sales
On Friday, UK retail sales and finalized Q3 GDP numbers drew investor interest. After softer-than-expected UK inflation numbers, weaker-than-expected retail sales could support an H1 2024 BoE rate cut.
However, UK retail sales surged 1.3% in November, with core retail sales also up 1.3%. Economists forecast both retail and core retail sales to increase by 0.4%.
According to the Office for National Statistics,
- Non-food store sales increased by 2.3%, supported by Black Friday sales and wider discounting. In October, non-food store sales rose by 0.2%.
- Food store sales rose by 0.8% compared with a 0.1% increase in October.
- Over the three months to November, retail sales declined by 0.8% compared with the three…
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