British retail sales defy forecasts with surprise August rise
UK retail sales unexpectedly rose in August, defying forecasts of a decline. Despite renewed pressure from higher fuel prices, hot weather drove a strong rebound in both online shopping and department store sales. Economists had expected sales to fall 0.2 per cent but sales volumes rose 0.5 per cent during the month, reversing a 0.5 [...]
British retail sales unexpectedly rose in August, defying forecasts of a decline, according to the Office for National Statistics (ONS). Despite higher fuel prices and hot weather, online shopping and department store sales experienced a strong rebound, with online spending jumping 2.5% after falling 4.2% in July. Department stores also bounced back after stock shortages hit sales the previous month.
Economists had expected sales to fall 0.2% but sales volumes rose 0.5% during the month, reversing a 0.5% decline in July. However, the surprise August rise came despite another squeeze at the petrol pump, with fuel sales dropping 1.3% in August as prices rose sharply. Retailers told the ONS that higher prices appeared to be changing behavior, with some motorists only partially filling their tanks.
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