British retail activity was hit by heavy rains in July and higher inflation, with sales growth falling to an 11-month low.
According to the British Retail Consortium, the value of retail sales rose 1.5 percent compared to July last year, less than half of the 3.9 percent average pace of growth in the last 12 months. It also comes down from this year's high of 5.2 percent compared to February.
British consumers have not yet been hit hard by their declining purchasing power amid rising inflation last year and the Bank of England steadily raising interest rates, but purchasing power declines are expected to increase in the coming months.
Source (Al-Arabiya.net Website, Edited)
