UK factory growth hits two year-low; oil drops; German retail sales in record fall – as it happened

British manufacturers suffer first drop in output in over two years in July, while retail sales in Germany slumped over 8% as inflation hit consumers

German retail sales have fallen at the largest annual pace since records began in 1994, as households cut back in the cost of living crisis.

Retail sales fell 8.8% in real terms in June compared with the same month last year.

The difference between the nominal and real results reflects the high price increases in retail, which are having a noticeable impact on consumer confidence.