The data is just out from the BRC. British Retail Consortium:
Like-for-like sales in June fell 1.3% y/y (vs. -1.5% in May)
Total sales -1.0% y/y in June (vs. -1.1% fall in May)
BRC added:
- small drop in sales is masking the much larger drop in volumes once inflation is taken into account
- the figures are not adjusted for inflation
- shoppers trading down to cheaper brands of food and other goods
- shoppers postponing purchases of kitchen appliances and homeware
- "Sales volumes are falling to a rate not seen since the depths of the pandemic, as inflation continues to bite and households cut back spending"
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Note:
- Like-for-like sales adjusts for changes in floor space and shops closed due to lockdown restrictions
GBP is little changed, this data release tends not to have an immediate FX impact.
