Retail sales in May well ahead

RETAIL sales in May were comfortably ahead of the same month last year, according to figures from the Central Statistics Office (CSO), but economists warned the strong patterns seen earlier this year were beginning to falter.

The CSO said yesterday retail sales were 4.6% higher in volume terms year-on-year and 6% ahead by value. But May turned out to be a slower month than April, with volumes easing 0.7% and values down 0.6%.

Friends First economist Jim Power said the overall picture looked healthier when the effect of car sales was stripped out. “Excluding car sales, the picture was stronger in May, with a volume increase of 2.1% during the month and a year-on-year increase of 5.2%,” he said.