Proactive Investors - UK retail sales fell more than expected in July as the wet weather kept shoppers away from the high street.
Figures from the Office for National Statistics (ONS) showed retail sales fell by 1.2% in July following a rise of 0.6% in June (revised from an increase of 0.7%).
This was a much larger drop than the 0.5% contraction forecast by economists.
Danni Hewson at AJ Bell said the "washout" and "unseasonably wet and cold weather meant there was no need for new summer togs as people instead ferreted out winter jackets if they were brave enough to leave the house at all".
But she felt "this feels more like a weather related blip" and won't impact the Bank of England's mindset on interest rates.
Retail sales fell 1.2% in July 2023 following a rise of 0.6% in June.➡️ https://t.co/cpnTqP0iN7 pic.twitter.com/EXj7XKVZrw
— Office for National Statistics (ONS) (@ONS) August 18, 2023
Food stores sales volumes fell by 2.6% with supermarkets reporting that the wet weather reduced clothing sales, although food sales also fell back as the increased cost of living and food prices continued to affect sales volumes.
Non-food stores sales volumes fell by 1.7% as poor weather reduced footfall.
The bad weather and promotions boosted online sales with the proportion of total sales online rising to 27..4% from 26.0% in June.
Automotive fuel stores sales volumes rose by 0.7% in July 2023, following a fall of 0.6% in June 2023.
Read more on Proactive Investors UK