UK retail sales beat forecasts

3036239_high-street-oxford-streetUK retail sales grew faster than expected in June, as warmer weather sent Brits racing to the shops.
That’s according to the Office for National Statistics, which has just reported that the amount of stuff bought in the shops last month rose by 0.6%. The City had expected a 0.4% gain, following a 1.2% decline in May.
It suggest that consumer spending is holding up, even though rising inflation is eating into household incomes.
The are the key points from the ONS:
– In the 3 months to June 2017, the quantity bought (volume) in the retail industry is estimated to have increased by 1.5%, with increases seen across all store types.
– The growth for Quarter 2 (Apr to June) 2017 follows a decline of 1.4% in Quarter 1 (Jan Mar) 2017, meaning we are broadly at the same level as at the start of 2017.
– Compared with May 2017, the quantity bought increased by 0.6%, with non-food stores providing the main contribution.
– Feedback from retailers suggests that warmer weather in addition to the introduction of summer clothing helped boost clothing sales.
– Average store prices (including petrol stations) increased by 2.7% on the year following a rise of 3.2% in May 2017; the fall is a consequence of slowing fuel prices.
– Online sales (excluding automotive fuel) increased year-on-year by 15.9% and by 1.8% on the month, accounting for approximately 16.2% of all retail spending.
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