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15/09/2005
Consumer spending remains flat
The latest UK retail sales figures have revealed that total sales volume remained unchanged between July and August.
The Office of National Statistics said that the volume of retail sales in the three months to August was 0.8% higher than in the previous three months, compared to growth of 1.2% in the same period last year. It falls a slump of 0.6% in July the ONS reported that annual sales growth was at its lowest levels since February 1999.
The ONS found that monthly sales volume for food stores decreased by 1.2%, reflecting lower food sales by large supermarkets, while there was an increase of 0.8% in non-food stores. The highest monthly increase was for non-specialised stores, such as department stores, with a 1.4% increase.
The latest ONS report follows figures from the British Retail Consortium last week, which found that retail sales had dropped again for the sixth month in a row.
The Bank of England, as expected, also announced last week that interest rates would remain at 4.5%, following August’s 0.25% reduction, as fears continued to grow regarding economic growth and the consumer spending slump.
However, analysts expect that further interest rates cuts could be introduced before the end of the year.
(KMcA/SP)
The Office of National Statistics said that the volume of retail sales in the three months to August was 0.8% higher than in the previous three months, compared to growth of 1.2% in the same period last year. It falls a slump of 0.6% in July the ONS reported that annual sales growth was at its lowest levels since February 1999.
The ONS found that monthly sales volume for food stores decreased by 1.2%, reflecting lower food sales by large supermarkets, while there was an increase of 0.8% in non-food stores. The highest monthly increase was for non-specialised stores, such as department stores, with a 1.4% increase.
The latest ONS report follows figures from the British Retail Consortium last week, which found that retail sales had dropped again for the sixth month in a row.
The Bank of England, as expected, also announced last week that interest rates would remain at 4.5%, following August’s 0.25% reduction, as fears continued to grow regarding economic growth and the consumer spending slump.
However, analysts expect that further interest rates cuts could be introduced before the end of the year.
(KMcA/SP)
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Strong retail sales growth stokes interest rate hike
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