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UK retail sales rise in June, growth cools despite heat and World Cup
Total retail sales increased 1.9% year on year in June, down from 3.7% in May, while like-for-like sales slowed to 1.7% from 3.4%.
British retailers reported that consumers kept spending in June, supported by a heatwave and the men's World Cup, but growth cooled versus May, according to data published by the British Retail Consortium and Barclays, as summarized by Forexlive.
The BRC said total retail sales rose 1.9% year on year, matching its 12 month average but falling from 3.7% in May. Like-for-like sales climbed 1.7% year on year, also in line with the 12 month average but down from 3.4% in May.
Barclays’ broader gauge showed consumer spending up 1.9% year on year, after rising 0.8% in May, with essential spending increasing 2.2%, its largest gain in 14 months. Hot weather lifted categories such as clothing and air conditioning units, while travel spending stabilized after earlier declines tied to concerns related to the Iran war.
Separately, the CBI and Energy UK pressed the incoming government on business energy costs, saying 40% of firms are cutting investment due to high energy bills and that UK electricity prices are 45% above the G7 median. Forexlive noted that the warning about food price risk from the conflict highlights where the next household squeeze could emerge.