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British retail sales hold up in July

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London: British retail sales rose in July, slightly beating expectations, official data showed on Thursday, even though household incomes are still feeling the squeeze from a Brexit-fuelled slump in the pound.


Overall retail sales grew by 0.3 per cent last month, buoyed by robust food purchases, the Office for National Statistics said in a statement.


That was the same rate of growth as in June and slightly faster than analysts’ consensus forecast for a rise of 0.2 per cent. “Strong food sales have been responsible for the growth of 0.3 per cent in July compared with June, as all other main sectors have shown a decrease,” said ONS senior statistician Ole Black. Analysts said the outlook remained clouded by Brexit uncertainties. “Spending has defied expectations of a slowdown since the Brexit referendum, and currently seems to be holding up despite weak wage growth and above-target inflation,” said Hargreaves Lansdown economist, Ben Brettell.


“This could bode well for economic growth. The UK economy is heavily reliant on the consumer, and economists had expected falling real incomes to eventually translate into weak retail sales,” he said.


Separate official data earlier this week showed Britain’s annual inflation rate steadied in July, with an expected rise failing to materialise as the pound recovers, lowering import costs.


Britain’s unemployment rate has meanwhile struck a new 42-year low, official data showed on Wednesday, as the uncertainty of Brexit boosts temporary hirings. — AFP


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