By Tuba Sahin
ANKARA (AA) – Retail sales volumes in the UK unexpectedly shrank by 1% on a monthly basis in December 2022, according to official data released on Friday.
The market forecast was a 0.5% hike for the month, following a downwardly revised 0.5% decrease in November.
Compared to the pre-pandemic level in February 2020, total retail sales were 13.6% higher in value terms, but volumes were 1.7% lower, the Office for National Statistics (ONS) said.
On an annual basis, retail sales volumes fell 5.8% in December.
For all of 2022, retail sales volumes narrowed by 3.0% “as the lifting of restrictions on hospitality led to a return to eating out, and rising prices and the cost of living affected sales volumes,” the ONS said.