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16/08/2001
High retail sales in July throw doubt on further interest rate cut
The latest figures on retail sales in July have decreased hopes of a further interest rates cut.
Data on retail sales released by the Office of National Statistics (ONS) show that retail sales jumped 0.6 per cent above the June figure to stand a full six percent higher than in July last year.
Shoppers ignored concerns about the economy to push up July’s retail sales, which in June were flat. However, the jump, which was more or less what City analysts had expected, firms up opinions that any possible cut in the interest rate will be put on hold.
The Bank of England Monetary Policy Committee had already expressed concerns about possible overheating in the domestic retail sector that could lead to additional inflationary pressure in the economy.
The July increase of 0.6 per cent means that retail sales for the quarter average out at 1.5 per cent. This is within the expected trend so far this year as the increase realigns the upward increase of retails sales and effectively counters the retail sales flat spot experienced in June.
The ONS report that average retail sales in July were £4,140 million per week.
The largest increases in volume were experienced in non-food goods including textiles and clothing.
(SP)
Data on retail sales released by the Office of National Statistics (ONS) show that retail sales jumped 0.6 per cent above the June figure to stand a full six percent higher than in July last year.
Shoppers ignored concerns about the economy to push up July’s retail sales, which in June were flat. However, the jump, which was more or less what City analysts had expected, firms up opinions that any possible cut in the interest rate will be put on hold.
The Bank of England Monetary Policy Committee had already expressed concerns about possible overheating in the domestic retail sector that could lead to additional inflationary pressure in the economy.
The July increase of 0.6 per cent means that retail sales for the quarter average out at 1.5 per cent. This is within the expected trend so far this year as the increase realigns the upward increase of retails sales and effectively counters the retail sales flat spot experienced in June.
The ONS report that average retail sales in July were £4,140 million per week.
The largest increases in volume were experienced in non-food goods including textiles and clothing.
(SP)
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