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UK retail sales meet expectations in August

by ChemOrbis Editorial Team -
  • 17/09/2015 (13:47)
According to data released by the UK’s Office for National Statistics (ONS), the country’s retail sales rose 0.2% on the month, in line with Bloomberg economists’ estimates after following a stable trend in the previous month. Excluding auto fuel, the UK’s retail sales edged up 0.1%. On a yearly basis, meanwhile, retail sales were up 3.7% in August.

The stronger retail sales in August were attributed to higher clothing sales, which climbed 2.3% from a month earlier on the back of increased demand for school uniforms. However, food sales slid 0.9% on the month in August. Auto fuel sales increased 1.3% following a 2.9% drop in prices.

Zero inflation and the strongest wage growth seen in more than six years have reportedly strengthened customers’ purchasing power. According to Bank of England Governor Mark Carney, the recent data on retail sales is the latest in a series of signals that the UK economy is improving and this may enable the country to increase interest rates from the current record lows in 2016.
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