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UK retail sales defied expectations and grew on a monthly basis in July, figures on Friday showed, though they slightly missed a year-on-year forecast.
According to the Office for National Statistics, UK retail sales volumes fell 3.4% on a yearly basis in July, a sharper than the FXStreet-cited market consensus of a 3.3% slide. In June, they had slumped 6.1% year-on-year.
Excluding fuel sales, UK retail sales fell 3.0% on a yearly basis in July, easing from a 6.2% decline in June. The latest adjusted figure beat FXStreet consensus of a 3.1% decline.
On a monthly basis, sales increased 0.3% in July from June, outperforming expectations of a 0.2% decline. They had fallen 0.2% on a monthly basis in June.
Excluding fuel, retail sales rose 0.4% monthly in July, ahead of expectations of a 0.2% fall. In June, retail sales ex-fuel rose 0.2% from May.
Ahead of the data, a long-running consumer confidence tracker hit a record low.
GfK's consumer confidence index fell three points in August to minus 44, its lowest figure since records began in 1974. All five measures that make up the index fell last month, including confidence in personal finances and the general economy.
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