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UK retail sales rise in June
An unexpected increase in UK retail sales in June of 1.0%, attributed to consumers spending more on electrical appliances and clothing, driven by the hot weather and the FIFA World Cup. This is contrary to economists’ expectations of a 0.3% decline. Online sales reached their highest level since April 2021, while non-store retail sales rose by 4.4%. The data indicates ongoing strong consumer spending despite pressure from rising energy prices, with expectations that the Bank of England will raise interest rates later to combat the anticipated rise in inflation.
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