July retail sales declined month-on-month in line with expectations, signaling weaker consumer demand amid economic uncertainty.
UK retail sales dropped 0.5% in July from the previous month, matching the consensus forecast. The decline follows a revised 0.7% gain in June, down from an initial 1.0% increase.
Year-on-year sales rose 1.6%, below the 2.2% estimate, with prior growth revised downward to 3.8% from 4.2%. Excluding autos and fuel, sales fell 0.9% month-on-month, worse than the 0.5% decline expected, while annual growth slowed to 2.3%.
The data reflects subdued consumer spending as inflation and higher borrowing costs weigh on household budgets.