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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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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