Shopping

UK retail sales climbed 1.5% month-on-month in July, bouncing by far more than economists had expected from a 0.9% decline in June. The higher than expected sales were achieved despite worries that the EU referendum vote would deter shoppers from splashing their cash. The Office for National Statistics (ONS) said sales were supported by better weather, while a decline in the pound encouraged tourists from overseas to spend more. ONS data also showed that the UK’s annual inflation rate edged up to 0.6% last month from 0.5% in June.