UK Retail Sales Growth Cools in July, BRC Data Shows
British Retail Consortium data reveals total sales rose 1.3% y/y in July, a slowdown from June's 1.9% gain, while like-for-like sales advanced just 1.0%. A separate BRC headline figure missed forecasts.
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The British Retail Consortium reported that total UK retail sales increased by 1.3% year-on-year in July, cooling from the 1.9% growth recorded in June. Like-for-like sales rose 1.0%, down from 1.7% in the previous month.
A separate headline retail sales measure from the BRC came in at 1%, missing the consensus estimate of 1.5% and falling short of the 1.7% prior reading. The data points to a loss of momentum in consumer spending as inflationary pressures continue to weigh on household budgets.
Source: First Squawk