Economic Buzz: UK Retail Sales Accelerate In May

UK retail sales volume including auto fuel, grew 1.3 percent month-on-month, following Aprils 1.8 percent increase, figures from the Office for National Statistics revealed Thursday. This was the second consecutive rise in sales and much bigger than the expected 0.5 percent. Sales excluding auto fuel, climbed 1.3 percent versus 1.4 percent increase a month ago. Sales were expected to gain 0.3 percent. The ONS said feedback from retailers suggested that a sustained period of good weather and Royal Wedding celebrations encouraged spending in food and household goods stores in May. Year-on-year, overall retail sales growth advanced to 3.9 percent in May from 1.4 percent in April. Sales were forecast to climb 2.4 percent.