UK retail sales increased 0.5% in July, partially recovering from a 0.9% drop in June.
UK retail sales rose 0.5% in July, driven by the Euro football championship and summer discounts. This increase followed a 0.9% drop in sales volumes in June. The Office for National Statistics revealed that retail sales volumes are still below pre-pandemic levels, however, there is a sense of optimism that the worst of the cost-of-living squeeze may be behind. Rising real income, as inflation falls, is expected to boost consumer spending growth for the rest of the year, while the currency, the pound, held gains after the data, marking its first weekly gain in over a month.
August 16, 2024
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