Sep 22, 2023: British retail sales were 0.4% higher in August than in a rain-soaked July, figures from the Office for National Statistics showed on Friday, adding to signs that the country’s consumers were mostly coping with the cost-of-living squeeze.
Economists polled by Reuters had forecast that sales volumes would rise by 0.5% on the month in August after a sharp 1.1% month-on-month fall in July.
While sales overall remained subdued, the partial recovery was driven by food sales and a strong month for clothing, Heather Bovill, deputy director for surveys and economic indicators at the Office for National Statistics (ONS), said.
“These were partially offset by internet sales, which dropped slightly as some people returned to shopping in person following a very wet July. Fuel sales also fell, with increased prices hitting demand,” she said.
Britain’s inflation rate stood at 6.7% last month, down from a peak of over 11% last October but still the highest among the world’s large rich economies.
However, August’s data represented the sixth time so far in 2023 that sales volumes rose on a month-to-month basis, suggesting resilience in consumer demand.
Source Courtesy: Reuters/Investing.com