After a weather disrupted Q2, July’s 0.5% m/m rise in retail sales volumes (consensus forecast 0.6% m/m, CE forecast 0.5% m/m) was largely driven by two sectors and only partially reversed June’s 0.9% m/m fall (revised up from -1.2% m/m). But as lower inflation continues to support real incomes and bolsters consumer confidence, we expect retail sales to continue to strengthen this year.
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