UK retail sales volumes unexpectedly rose an estimated 0.3% in May, despite soaring inflation and higher borrowing costs, according to the Office for National Statistics.
This was the second consecutive month of retail sales volumes increasing, following a rise of 0.5% in April. Economists had forecast retail sales to fall by 0.2% in May, putting the results in above expectations. UK retail sales up 0.5% in April The reporting period includes the early May bank holiday on 1 May 2023 and the bank holiday for the coronation of King Charles III on 8 May, which the ONS said provided a boost to the results, along with the warm weather in the second half of the month. Non-store retailing sales volumes rose by 2.7% in the period, after a 0.8% rise in Ap...
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