This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7574119.stm
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Surprise gain in UK retail sales | Surprise gain in UK retail sales |
| (10 minutes later) | |
| UK retailers defied predictions of another monthly sales slump in July despite pushing up prices, according to official figures. | UK retailers defied predictions of another monthly sales slump in July despite pushing up prices, according to official figures. |
| The Office for National Statistics said retail sales were up 0.8% last month, reversing a sharp fall of 3.9% in June. | The Office for National Statistics said retail sales were up 0.8% last month, reversing a sharp fall of 3.9% in June. |
| Analysts had been expecting a drop of 0.2% as cost-conscious consumers continue to struggle with high fuel and food bills and mortgage repayments. | Analysts had been expecting a drop of 0.2% as cost-conscious consumers continue to struggle with high fuel and food bills and mortgage repayments. |
| But the annual rate of growth was 2.1% - the lowest in two years. | But the annual rate of growth was 2.1% - the lowest in two years. |
| Plausible? | |
| Retailers across the board reported a good month, with sales of household goods, clothing and footwear all up, according to the ONS data. | |
| The rise came even as prices rose to their highest level since 1998 - up 1.6% compared to a year ago - largely driven by food prices. | |
| The cost of food went up 6.2%, the fastest increase in more than 16 years. | |
| But some retail experts were sceptical that the ONS data reflected the reality on the High Street, where many shops are continuing to struggle from the combination of higher costs and a downturn in discretionary spending. | |
| The volatility of recent ONS retail sales data - with a record 3.6% surge in May followed by a sharp drop in June has raised question marks about how it is evaluated. | |
| Some economists say that it is not plausible that such dramatic monthly swings could reflect changes in the real economy. |