London, August 16 (FFN) – UK retail sales increased by 0.5% in July compared to the previous month, recovering part of the losses from June when the sector’s performance was negatively impacted by unusually cold and wet weather. This information comes from a report by Reuters, citing data released on Friday by the UK Office for National Statistics (ONS).
The pressure on British consumers due to high inflation, which was notable in 2022 and 2023, is starting to ease. In May and June, year-on-year price growth returned to the 2% target set by the Bank of England. In July, inflation slightly exceeded this target, but wages grew more significantly compared to inflation in the second quarter, marking the strongest growth since mid-2021.
Consumer confidence in the UK reached its highest level in nearly three years last month, as respondents in a GfK survey reported an improvement in their financial situation and a greater willingness to invest in major purchases.
UK Retail Sales Summary – July
| Metric | Value | Change |
|---|---|---|
| Retail Sales Growth (MoM) | +0.5% | Recovery from June |
| Inflation Rate (July) | Slightly above 2% | N/A |
| Wage Growth (Q2 2024) | Strongest since 2021 | N/A |
| Consumer Confidence (July) | Highest in 3 years | N/A |
