June retail sales decline but still best quarterly growth since 2015

ELIAS JAHSHAN | July 19, 2018

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Retail sales grew strongly across the three months to June, but on a month-on-month basis it suffered thanks to decrease in footfall. According to the latest figures from the Office for National Statistics, retail sales grew 2.1 per cent over the quarter, as the warm weather, the royal wedding and major sporting events encouraged shoppers to stock up on food and drink. ONS said the quarterly growth was also the largest rise since February 2015. However, overall retail sales on a month-on-month turned negative, with June sales shrinking by 0.5 per cent compared to May, and well below the average expected growth of 0.4 per cent. On a year-on-year basis, retail sales in June grew 2.9 per cent but this was still a slowdown from the 4.1 per cent annual increase recorded in May, and below average analyst forecasts of 3.9 per cent growth. “Retail sales grew strongly across the three months to June 2018 as the warm weather encouraged shoppers to buy food and drink for their barbecues,” ONS senior statistician Rhian Murphy said.

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