Retail sales in April 0.5 mm vs Reuters poll 0.3
March sales 1.2 mm, hit by rainy weather
Sales over 3 months to April rise by most since mid2021
Analysts see signs of resilience in consumer spending
LONDON, May 26 Reuters British consumers picked up the pace of their spending last month and sales volumes over the three months to April grew by the most since mid2021, according to official data that suggested limited impact from the surge in inflation.
Sales volumes in April rose by a slightly strongerthanexpected 0.5 from March when they slumped by 1.2 as unusually heavy rain kept shoppers at home, the Office for National Statistics said on Friday.
Economists polled by Reuters had forecast a 0.3 rise in April, a month when welfare payments for many lowerincome households rose.
In the FebruarytoApril period, sales were up by 0.8 from the previous three months, the biggest such increase since the three months to August 2021.
April saw a surprising uplift in retail sales despite ongoing inflationary pressures, Oliver VernonHarcourt, head of retail at Deloitte, said.
The economic environment remains incredibly tough for many, but consumer confidence is slowly improving from record lows seen in the past year.
Sterling rose against the U.S. dollar and the euro after the data was published.
Emma Mogford, a fund manager with Premier Miton Monthly Income Fund, said rising wages were offsetting some of the costofliving squeeze. However, any increase in unemployment…