UK retail sales fell more than expected in July after a spell of cool and rainy weather kept people out of shops.

The volume of goods sold in stores and online fell 1.2% last month after an 0.6% gain in June, the Office for National Statistics said Friday. Economists had forecast a 0.6% month-on-month decline. 

The figures mark the first time in four months that sales have fallen short of expectations and may indicate consumers are starting to buckle under the weight of soaring prices and interest rates. The Bank of England is trying to slow the economy to rein in inflationary pressures, triggering an unexpected increase in unemployment in the second quarter.

Clothing sales fell, which the ONS attributed to lower footfall in shops as wet weather spread across the UK. Food sales were also weaker, which customers said was due to higher prices.

Source : Bloomberg