ONS: UK retail sales grow just 0.2% in July
The Office for National Statistics (ONS) has today revealed UK retail sales grew by just 0.2% last month – slightly less than the 0.3% expected by analysts.
The slight gain was much slower than the 0.8% increase the previous month as households continue to be squeezed by higher inflation, rising unemployment and sluggish wage growth.
According to the ONS, sales of household goods, clothing and footwear all fell.
In the medium-term, conditions are expected to remain challenging for retailers. Several well-known retailers have been forced into administration over recent months, while others have announced job losses and store closures.
As a result, consumer spending (a key driver of economic growth) is expected to remain weak over the next few months.