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UK Retail Sales Rise in July But Consumer Sentiment Remains Soft

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U.K. retail sales rose more than forecast in July, driven by the biggest jump in purchases of food in almost two years.

The volume of goods sold increased 0.3 percent, just ahead of the 0.2 percent gain predicted by economists, the Office for National Statistics said Thursday. The increase in June was revised down to 0.3 percent from 0.6 percent, though the total for the second quarter was unrevised.

Sales in July were largely driven by food, and figures covering the past three months show how pressure on consumers from faster inflation is weighing on retailers. Annual growth in the quarter through July was 1.8 percent, the weakest in almost four years. Price increases have accelerated in the past year largely because of the pound’s decline since the Brexit vote.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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