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UK retail sales rise 0.2% in June | UK retail sales rise 0.2% in June |
(35 minutes later) | |
UK retail sales rose by 0.2% in June from the month before, helped by department store discounts. | UK retail sales rose by 0.2% in June from the month before, helped by department store discounts. |
The Office for National Statistics said the figure meant sales were up 2.2% from a year earlier. | The Office for National Statistics said the figure meant sales were up 2.2% from a year earlier. |
June's modest rise compares with strong growth in May, when sales jumped 2.1%. | June's modest rise compares with strong growth in May, when sales jumped 2.1%. |
Sales in June at non-specialist stores, including department stores, grew at their strongest rate since March 2012, jumping 3% on the month, helped by clearance sales and promotions. | Sales in June at non-specialist stores, including department stores, grew at their strongest rate since March 2012, jumping 3% on the month, helped by clearance sales and promotions. |
Supermarkets' food sales volumes fell slightly by 0.1% in June, while non-food stores grew 0.6%. | |
The month saw weekly spending across all retail sectors reach £6.9bn, up from £6.8bn in May. | |
However, consumer spending remains under pressure from inflation, which is outstripping wage growth. This week, data showed that the annual rate of inflation rose to 2.9% in June, while annual wage growth, excluding bonuses, was 1% in the three months to May 30. | |
Victoria Clarke, economist at Investec, said: "It looks like retail sales held up relatively well through the course of the second quarter. | |
"This will be a decent contribution to GDP, certainly suggesting that the spending momentum of consumers is continuing despite inflation continuing to squeeze household earnings." |