In terms of volume, British retail sales growth remained flat between May and June, bringing year-on-year growth for last month down to 5.6% from the previous month’s 6.5%.
Such results – below economists’ forecasts of 0.2% growth for the month – are likely to strengthen calls for a cut in interest rates.
However, the figures look more optimistic in terms of value, not volume. When calculated this way, sales last month rose 6.9% year-on-year, driven mainly by the food sector, according to the Office for National Statistics. Delays in this year’s summer discounts by retailers may have pushed back a rise in volume sales until July.
News source: BBC Online Business News (UK)