UK retail sales unexpectedly fall in October

(Sharecast News) - Retail sales unexpectedly fell in October as wet weather and the cost-of-living crisis took their toll, according to data released on Friday by the Office for National Statistics. Retail sales declined by 0.3% on the month following a revised 1.1% drop in September, missing expectations for a 0.3% increase.

Heather Bovill, deputy director for surveys and economic indicators at the ONS, said: "Retail sales fell again in October to their lowest level since February 2021 when widespread lockdown restrictions were in place.

"After rebounding in September, fuel sales dipped with increasing prices discouraging customers, while food sales also dropped as consumers prioritised essential goods.

"It was another poor month for household goods and clothes stores with these retailers reporting that cost-of-living pressures, reduced footfall and poor weather hit them hard.

"However, it was a better month for online retailers, the only main sector to report growth in October."