LONDON (AFX) - Retail sales grew at their slowest rate for 18 months in June, according to the Confederation of British Industry. In its latest distributive trades survey, the CBI said a slowdown in the growth of spending is starting to take effect. This could be of particular interest to the Bank of England's Monetary Policy Committee, which has just started its latest rate-setting meeting. The CBI said the net balance of retailers reporting increased sales volumes in June fell to +16 from +25 in May. Though retailers continue to be optimistic about the month ahead, the CBI said this is the second survey in a row in which sales expectations have not been met. The survey's panel chairman and Boots director Alastair Eperon said the Jubilee weekend and the World Cup may have kept people out of the shops in June. "But longer lasting factors such as slowing earnings growth, stock market falls and pensions uncertainty could be making consumers more cautious," he said. Results of the June distributive trades survey are shown below. Figures are expressed in percentage points and show the balance of positive responses net of negative ones.