by Roland Jackson Thu Jul 24, 7:58 AM ET LONDON (AFP) - Retail sales sank in June to record the largest monthly drop for 22 years, official data showed on Thursday, as consumers slashed spending amid an economic slowdown across the country.Analysts warned that shops would struggle even more in the coming months to keep their tills ringing in the face of a flagging property market, rising unemployment and the ongoing impact of the global credit crunch in Britain.
Higher inflation caused by elevated fuel and food costs also meant that retailers could not rely on an interest rate cut from the Bank of England to lift consumers' disposable incomes and in turn boost the fortunes of shops, economists added.
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