Retail sales tumble

However sales are still 2.2% ahead of last year, with sales in the quarter to June up 0.6% on the previous quarter. During June, both food and non-food sectors suffered their steepest monthly falls since records began, according to the Office for National Statistics. Good weather in May had seen several sectors enjoy an unexpected sales boost, with summer drinks and clothing selling well, while a wet June may have kept shoppers at home.

The sales data is traditionally a volatile statistic so it will be interesting to see what happens to this indicator in July. The current fine weather could suggest a reversal of the June figure, although of course household spending is still under pressure.