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23/05/2002
Rise in UK retail sales could herald higher inflation
UK retail sales in April have risen at their fastest rate for more than two years as shoppers return to the high street in increasing numbers.
The latest figures from the Office of National Statistics shows that the volume of retails sales overall in April rose by 1.7% - much greater than the 0.4% expected by economists and far in excess of the 0.1% growth seen in the previous month. April's figures also represent a 6.9% increase in retail sales on the same time a year earlier.
It is thought that renewed levels of high street spending could put pressure on the Bank of England to finally put up interest rates from the current level of 4% in order to avert a rise in inflation.
Another cause for concern is the continuing rise in house prices - especially in the London area where prices are going up by around 2% each month – which could see people taking on too high a level of debt as they seek to purchase and then furnish their new properties. Consumers are currently managing levels of debt not seen since the bursting of the house price bubble in the early 1990s.
(CL)
The latest figures from the Office of National Statistics shows that the volume of retails sales overall in April rose by 1.7% - much greater than the 0.4% expected by economists and far in excess of the 0.1% growth seen in the previous month. April's figures also represent a 6.9% increase in retail sales on the same time a year earlier.
It is thought that renewed levels of high street spending could put pressure on the Bank of England to finally put up interest rates from the current level of 4% in order to avert a rise in inflation.
Another cause for concern is the continuing rise in house prices - especially in the London area where prices are going up by around 2% each month – which could see people taking on too high a level of debt as they seek to purchase and then furnish their new properties. Consumers are currently managing levels of debt not seen since the bursting of the house price bubble in the early 1990s.
(CL)
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High retail sales in July throw doubt on further interest rate cut
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
