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UK Retail Sales Fall 0.5% in July as Clothing Slumps
Clothing and online sales drove the decline as early promotions and hot weather pulled demand into June, the Office for National Statistics said.
- Official figures released today showed British retail sales volumes dropped 0.5% in July, in line with economists' median forecast, after a surge in June when hot weather boosted demand for fans and air conditioners.
- Clothing sales slumped 2.7% during the month, the sharpest drop since May last year, after many retailers began summer sales in June rather than July, pulling demand forward into the prior month.
- Food sales grew 0.5% over the month, bucking the downward trend as supermarkets benefited from World Cup promotions and warm weather, while annual sales growth slowed to 1.6% from a downwardly revised 3.8%.
- Inflation rose to 2.9% in July, the first increase in four months, while the Bank of England expects price rises to accelerate further in the coming months as the impact of the Iran war feeds through.
- GfK's long-running confidence indicator reached a two-year high in Aug, its highest since just after Prime Minister Andy Burnham's predecessor Keir Starmer came to power, signaling robust consumer sentiment despite economic headwinds.
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UK Retail Sales See Expected Dip Following June Surge
British retail sales decreased in July by 0.5% compared to June, matching predictions. The decline came after a sales boost due to hot weather and promotions during the men's soccer World Cup. Despite concerns over energy costs and potential tax increases, consumer sentiment remains robust, providing a hopeful outlook.
·India
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Coverage Details
Total News Sources18
Leaning Left3Leaning Right3Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 23%
C 54%
R 23%
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