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16/09/2010
UK High Street Sales Fall
Official figures have shown that UK retail sales were down by 0.5%, the first monthly fall since January this year.
August's fall in trade brings to an end six months of growth on the high street.
The Office For National Statistics (ONS) reported that sales of fuel, food, household goods and clothes were down. Worst affected was non-food stores with sales dipping 0.7%, driven by household goods stores. Food stores also saw a decline of 0.5%.
The sales growth in July was worse than previously calculated, with the fall in August confirming the decline.
Stores are also facing next January's VAT hike to 20%, with some battling higher costs in cotton for example, were prices are at a 15-year high.
James Knightley, Analyst at ING bank commented: "The August UK retail sales numbers are awful. This report does contradict somewhat the data from the CBI and British Retail Consortium, while both the GFK and Nationwide consumer sentiment surveys had risen in August. That said, we suspect consumer spending growth will remain subdued."
(BMcN)
August's fall in trade brings to an end six months of growth on the high street.
The Office For National Statistics (ONS) reported that sales of fuel, food, household goods and clothes were down. Worst affected was non-food stores with sales dipping 0.7%, driven by household goods stores. Food stores also saw a decline of 0.5%.
The sales growth in July was worse than previously calculated, with the fall in August confirming the decline.
Stores are also facing next January's VAT hike to 20%, with some battling higher costs in cotton for example, were prices are at a 15-year high.
James Knightley, Analyst at ING bank commented: "The August UK retail sales numbers are awful. This report does contradict somewhat the data from the CBI and British Retail Consortium, while both the GFK and Nationwide consumer sentiment surveys had risen in August. That said, we suspect consumer spending growth will remain subdued."
(BMcN)
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