"Last month's interest rate rise did little to convince consumers that rates had reached a peak," Trevor Williams, chief economist at Lloyds TSB Corporate Market, said.
"We're just beginning to see the impact of May's rate rise on consumers with sentiment on job security and prices starting to cool," he continued.
Commenting on the possibility that the Bank of England's Monetary Policy Committee might raise interest rates again, when they meet this Thursday, Mr Williams said another rise was "highly unlikely".
"We've seen rates increased four times since August last year and the effects of these are only just starting to show through - inflation is coming off the boil, the housing market is cooling and signs of slower activity are appearing in the retail sector," he added.
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