UK retail sales growth fails to keep pace with soaring inflation

UK consumer spending defied talk of recession in July, data from industry bodies showed on Tuesday, but it still failed to match the pace of overall inflation.

The value of UK retail sales grew 2.3 per cent in July compared with the same month a year ago, according to figures produced for the British Retail Consortium, a trade association, in collaboration with the professional services group KPMG. Sales last month were 10.6 per cent…