INTENSE pressure on household finances is evident in the latest retail sales figures, which provide a further signal that overall UK growth will remain subdued in the third quarter.
Figures published yesterday by the Office for National Statistics show UK retail sales volumes rose by 0.3 per cent in July on a seasonally-adjusted basis, to stand only 1.3 per cent higher than in the same month of last year.
And the increase in retail sales volumes in June has been revised down by the ONS from 0.6 per cent to 0.3 per cent.
Chris Williamson, chief business economist at IHS Markit, said: “Subdued retail sales growth in July reflected an ongoing deterioration in household finances, linked in turn to low pay, rising prices and concern about the outlook.”
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