22 Oct 2015
UK retail sales beat estimates by a wide margin in September
FXStreet (Mumbai) - The data released by the UK Office for National Statistics (ONS) today showed the household spending as represented by the retail sales figure rose sharply in September.
Biggest jump since Dec 2013
The headline figure printed at 6.5% y/y, compared to the expected rise of 4.7% from August’s figure of 3.5%. Mont-on-month, the retail sales advanced 1.9%, beating the estimated rise to 0.3% from 0.2%. It was the biggest jump since December 2013.
As per the bloomberg report, Food sales rose 2.3%, led by alcohol sales and food, as prices dropped. The food-price deflator was minus 2.1%, while the overall retail sales deflator was minus 3.6% in the period, matching the lowest since records began in 1988.
Negative inflation, tightening labor markets have boosted real incomes, leading to higher household spending. As per the official report, a major boost came from promotions on beer and food for the Rugby World Cup being held in Britain.
Biggest jump since Dec 2013
The headline figure printed at 6.5% y/y, compared to the expected rise of 4.7% from August’s figure of 3.5%. Mont-on-month, the retail sales advanced 1.9%, beating the estimated rise to 0.3% from 0.2%. It was the biggest jump since December 2013.
As per the bloomberg report, Food sales rose 2.3%, led by alcohol sales and food, as prices dropped. The food-price deflator was minus 2.1%, while the overall retail sales deflator was minus 3.6% in the period, matching the lowest since records began in 1988.
Negative inflation, tightening labor markets have boosted real incomes, leading to higher household spending. As per the official report, a major boost came from promotions on beer and food for the Rugby World Cup being held in Britain.