UK Retail Sales Slow Down After Food Sales Drop

U.K. retail sales grew at a slower pace than expected in July after a fall in the amount spent on food for the first time in 25 years when compared to the previous year, official data show.

Retail sales increased by 2.6 percent compared with July last year and were up 0.1 percent on the previous month, according to the Office for National Statistics (ONS).

Economists polled by Reuters had expected retail sales to grow 0.4 percent growth on the month, with weakness largely down to lower petrol and food sales.

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The ONS said July 2014 marked the first fall in consumer spending in food stores since the food stores series began in 1989.

Figures for July follow a strong reading for the second quarter, when sales volume jumped 1.6 percent quarter- on-quarter, the fastest growth for a quarter in 10 years.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza