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Trend in retail sales up

·         Retail sales volumes fell 0.7% in October 2013, and were flat in the last three months

·         Over the past year retail sales increased by 1.8%

·         Annual inflation of goods sold in the retail industry was 0.7% in October, well below total CPI inflation

Commenting on the retail sales for October 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“Monthly retail sales figures tend to be erratic, but this doesn’t hide the fact that this was a disappointing fall. The sector is undergoing structural changes, with online sales now at 10.5% (excluding car fuel) and rising. However longer term comparisons show a solid pace of growth at just under 2% per year.

“This fall is a reminder that even though the economy will continue growing, the recovery is not yet secure. The government must play its part in creating a climate that encourages businesses to create wealth and expand, such as by improving access to finance for growing firms