(Tiper Stock Exchange) – UK retail sales slow in July, recording a more pronounced contraction than analysts expected. According to the Office for National Statistics, the retail sales in July they scored a decrease of 1.2% on a monthly basis, after the +0.6% recorded in June (from a preliminary +0.7%). The figure is lower than consensus which indicated a limited decline to -0.5%.
Every year one registers negative change of 3.2%, wider than expectations (-2.1%), after -1.6% in June (revised from -1%).
The core retail saleswhich exclude fuels, are down 1.4% month on month after the +0.7% of the previous month, against a -0.7% expected from the market. On yearthe core data scored a -3.4% compared to the previous -1.6% and al -2.2% expected.
Data that discount the stagnation of sales recorded in a unusually rainy month of July and which seem to confirm a sharp slowdown in the British economywhile more are feared restrictive measures by the Bank of England to calm an inflation slowing down to 6.8%, but still too far from the 2% target.
The pound accelerated to the upside after the datasettling at 1.2725 against the dollar, which is now down 0.2% against the British currency.
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