U.K Retail sales post surprise rise in July

LONDON (Reuters) - Retail sales unexpectedly jumped in July even as prices rose 
at their fastest rate in a decade, official data showed on Thursday, calling 
into question the scale and speed of the consumer slowdown.

The Office for National Statistics said sales rose by 0.8 percent last month, 
wrongfooting analysts who had forecast a 0.3 percent decline. That left sales 
2.1 percent higher on the year, the lowest rate since February 2006.

Sales growth was broadly-based with household goods, clothing and footwear, and 
other stores all reporting strong rises on the month.

Prices on average were 1.6 percent higher than a year ago, the biggest jump 
since May 1998. This was driven by a sharp increase in the price of food which 
surged 6.2 percent on the year -- its fastest increase since March 1992.

Recent ONS retail sales data have been very volatile with a record rise in May 
followed by a record fall in June. The latter fall was revised to show a drop 
of 4.3 percent from the previously reported 3.9 percent fall

http://uk.reuters.com/article/personalFinanceNews/idUKARO13074020080821?sp=true




      


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