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