UK retail sales fall steeper than forecast in October

ANKARA

Retail sales volumes in the UK fell steeper than expected, by 0.7% month-on-month in October, according to official data released on Friday.

The market forecast was a 0.3% drop for the month, following a downwardly revised 0.1% increase in September.

Non-food stores sales declined 1.4% after a 2.3% rise in the prior month, led by a 3.1% drop in clothing stores.

The downturn reflects weakened consumer confidence and economic uncertainty surrounding the recent Budget announcement, as highlighted by the UK's statistical office.

Online sales also felt the pinch, dipping by 1.2% month-on-month.

Despite the monthly slowdown, annual retail sales volumes in October showed a 2.4% hike, though this marked a deceleration from the 3.2% growth recorded in September.