UK retail sales dip in June as households grapple with inflation

The dip was lower than expected, with economists polled by Reuters expecting a 0.3% monthly fall, but continued the downward trend seen since summer 2021. Retail remains 2.2% above its pre-pandemic level. "After taking account of rising prices, retail sales fell slightly in June and although they remain above their pre-pandemic level, the broader trend is one of decline," said Heather Bovill, statistician at the ONS. Retail sales fell even as food store sales volumes increased by 3.1% due to Jubilee festivities. According to the ONS, retailers have recently noted a drop in volumes sol...