Investors breathed a sigh of relief after seeing UK retail sales data unexpectedly show better growth in April.
After recording a 1.2% contraction in March, retail sales rebounded stronger to 1.4% and also exceeded expectations to decline by 0.3%, according to data released by the Office for National Statistics (ONS).
An increase was seen in sales at food stores, non -store retailers such as clothing and automotive fuels. In contrast, supermarket food sales were generally unchanged and sales at non -food stores fell by 0.6% in April.
Core retail sales, which do not include fuel, also rose 1.4% higher. However, compared to the previous year, retail sales declined 4.9%.
These figures to some extent eased concerns over consumer spending being affected as inflation soared 9% to a 40-year high last month.
Following the publication of this data, the pound recorded an increase to keep its gains at a two -week high against the US dollar at the opening of the European session.
Meanwhile, a separate survey by GfK showed that British consumer sentiment continued to be affected by plunging to its lowest level since 1974.
