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UK BRC Retail Sales Rise Unexpectedly In July

UK retail sales rebounded unexpectedly in July as hot weather boosted demand for summer clothing and electric fans, data compiled by the British Retail Consortium and the advisory services firm KPMG, showed on Tuesday.

Like-for-like sales increased 1.6 percent on a yearly basis in July, in contrast to the expected fall of 1.5 percent. Sales were down 1.3 percent in June. Overall sales increased 2.3 percent in July from the last year.

However, with inflation at over 9 percent many retailers are still contending with falling sales volumes during what remains an incredibly difficult trading period, Helen Dickinson, BRC Chief Executive said.

Consumer confidence remains weak, and the rise in interest rates coupled with talk of recession will do little to improve the situation, she added.

Both consumers and retailers are in for a rocky road throughout the rest of 2022, Dickinson noted.

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