British retail sales washed out by rain in July

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British retail sales fell more sharply than expected in July.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

18 Aug 2023

British retail sales fell more sharply than expected in July as heavy rain put off shoppers who are also feeling the hit from high inflation and 14 back-to-back increases in interest rates.

Official data showed sales volumes last month were 1.2% lower than in June.

Economists polled by Reuters had forecast that sales volumes would fall by 0.5% on the month.

Sterling weakened against the U.S. dollar and the euro as investors assessed how much the bigger-than-expected sales drop represented a warning sign of a slowdown in the economy, beyond the weather effect.

Retail sales volumes were 3.2% lower than a year earlier, the Office for National Statistics said. That compared with economists' forecasts for a 2.1% decline.

«Retail sales fell sharply in July as poor weather impacted most sectors,» ONS Deputy Director for Surveys and Economic Indicators Heather Bovill said

«It was a particularly bad month for supermarkets as the summer washout combined with the increased cost of living meant