UK RETAIL SALES WEAK

According to the latest report from the UK government, sales volume overall grew just 0.2% last month, while sales of household goods, clothing and footwear all declined. The weak consumer spending, excluding petrol cost, is believed to be caused by a number of factors, including higher inflation, job losses and limited wage rises.

Inflation in July, as measured by the government's preferred Consumer Prices Index, rose to 4.4% from 4.2% in June, which is more than double the 2% target rate.

Meanwhile, the number of unemployed people rose by 38,000, hitting the 2.49 million mark in the three months to June.

With all the concerns about the economic outlook and the decline in wages that are weighing on consumers, experts said that the economy may remain sluggish in the third quarter of this year.

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