Menu
19/02/2004
Strong retail sales growth stokes interest rate hike
The strong surge in retail sales revealed in the latest figures from the Office of National Statistics (ONS) has fuelled speculation that another interest rate rise is imminent.
According to the ONS figures retail sales in the UK leapt 0.6% in January, raising sales to 6.4% above that of the previous year. Many analysts were predicting a cooling off in retail sales following a relatively strong consumer activity on the high street at Christmas.
The unexpected jump in consumer spending may well force the Bank of England's Monetary Policy Committee (MPC) to advance a hike in interest rates to April, before the next major report on inflation is due in May.
The MPC have already noted that there is a surprising "resilience" in consumer sector, as interest rates were raised by one quarter of a point to 4% earlier this month.
The ONS report revealed that total retail sales grew by 1.7% in the three months November 2003 to January 2004 compared with the previous three months.
Growth in sales for non-food stores continued to be significantly higher than that for food stores - sales in the latest three months compared with the previous three months increased by 2.5% for non-food stores and by 0.6% for food retailers.
The total retail sales volume for the three months to January was 4.5% higher than a year ago with the strongest increase being in the clothing and footwear sector at 7.6%.
Household goods stores and other non-food stores also showed strong growth over the year at 7.0% and 7.1% respectively.
(SP)
According to the ONS figures retail sales in the UK leapt 0.6% in January, raising sales to 6.4% above that of the previous year. Many analysts were predicting a cooling off in retail sales following a relatively strong consumer activity on the high street at Christmas.
The unexpected jump in consumer spending may well force the Bank of England's Monetary Policy Committee (MPC) to advance a hike in interest rates to April, before the next major report on inflation is due in May.
The MPC have already noted that there is a surprising "resilience" in consumer sector, as interest rates were raised by one quarter of a point to 4% earlier this month.
The ONS report revealed that total retail sales grew by 1.7% in the three months November 2003 to January 2004 compared with the previous three months.
Growth in sales for non-food stores continued to be significantly higher than that for food stores - sales in the latest three months compared with the previous three months increased by 2.5% for non-food stores and by 0.6% for food retailers.
The total retail sales volume for the three months to January was 4.5% higher than a year ago with the strongest increase being in the clothing and footwear sector at 7.6%.
Household goods stores and other non-food stores also showed strong growth over the year at 7.0% and 7.1% respectively.
(SP)
Related UK National News Stories
Click here for the latest headlines.
25 March 2010
UK Retail Sales Jump
Retail sales between January and February grew by 2.1%, it was revealed today. It was the most significant upward trajectory since May 2008, when sales volume leaped by 2.9%. However, the Office of National Statistics said January data has been revised down, mainly due to late returns and revisions to existing data.
UK Retail Sales Jump
Retail sales between January and February grew by 2.1%, it was revealed today. It was the most significant upward trajectory since May 2008, when sales volume leaped by 2.9%. However, the Office of National Statistics said January data has been revised down, mainly due to late returns and revisions to existing data.
21 January 2005
Christmas sales figures 'unusually low' say ONS
UK retail sales in the UK were described as "unusually low", according to the latest Retail Sales Index (RSI) figures from the Office of National Statistics. The volume of retail sales in the three months between October to December was only 0.3% higher than in the previous three months.
Christmas sales figures 'unusually low' say ONS
UK retail sales in the UK were described as "unusually low", according to the latest Retail Sales Index (RSI) figures from the Office of National Statistics. The volume of retail sales in the three months between October to December was only 0.3% higher than in the previous three months.
17 December 2004
Retail sales recover from late summer blues
The latest results for the Retail Sales Index indicate that underlying retail sales growth has partially recovered from a marked slowdown in late summer. The seasonal impact in November from Christmas shopping is in line with that of recent years with the unadjusted sales value picking up to reach £21.1bn.
Retail sales recover from late summer blues
The latest results for the Retail Sales Index indicate that underlying retail sales growth has partially recovered from a marked slowdown in late summer. The seasonal impact in November from Christmas shopping is in line with that of recent years with the unadjusted sales value picking up to reach £21.1bn.
17 February 2005
Quarterly sales flat in 'uncertain' consumer outlook
The latest figures for retail sales in the UK show that in the three months to January the seasonally adjusted index for retail sales remained flat and though the overall sales trend is on a par with the previous three months, the outlook remains uncertain.
Quarterly sales flat in 'uncertain' consumer outlook
The latest figures for retail sales in the UK show that in the three months to January the seasonally adjusted index for retail sales remained flat and though the overall sales trend is on a par with the previous three months, the outlook remains uncertain.
21 July 2005
Sluggish retail sales growth peaks in June
The latest figures from the Office for National Statistics have revealed that in June the underlying rate of growth in retail sales volumes was the highest so far this year. However, the annual growth has remained the lowest for more than six years, according to data released today by the ONS.
Sluggish retail sales growth peaks in June
The latest figures from the Office for National Statistics have revealed that in June the underlying rate of growth in retail sales volumes was the highest so far this year. However, the annual growth has remained the lowest for more than six years, according to data released today by the ONS.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
