"The Games failed to provide an overall boost to retail spending"
- Samuel Tombs, an economist at Capital Economics Ltd.
Retail sales in the U.K. fell less than previously estimated in August, as shoppers were distracted by the Olympics, U.K. Office for National Statistics showed on Thursday. Retail sales fell to -0.2% last month, down from 0.3% in the preceding month, while rose 0.6% in the third quarter of 2012. Food sales jumped 0.2%, while sales of clothing, textile and footwear rose 1.6%.
"The Games failed to provide an overall boost to retail spending," said Samuel Tombs, an economist at Capital Economics Ltd. in London.
"With consumer confidence still very weak and inflation set to outpace earnings growth for another six months or so, we would not be surprised to see further falls in retail sales in the coming months."
The FTSE 100 Index surrendered 0.57 per cent to 5,854.64. However, the broader FTSE All-Share Index appreciated by 0.18 per cent to 3,060.39.
© Dukascopy Bank SA