Growth is encouraging sign for the economy
Fri May 26 2023 - 07:35
UK retailers saw sales jump more than expected last month, recovering from heavy rain that kept people home the month before. The volume of goods sold in stores and online climbed 0.5 per cent from March, when sales fell 1.2 per cent, a figure that was revised weaker, the Office for National Statistics said on Friday. Economists had expected an increase of 0.3 per cent.
The rebound indicates consumers are surprisingly resilient in the face of a cost-of-living squeeze, with sales gaining in three of the past four months. That puts further pressure on the Bank of England to raise interest rates as it attempts to bring down a stubbornly high inflation rate. Sales rose for every category tracked by the ONS except for fuel and household goods. Sales volumes in the three months through April rose 0.8 per cent, the strongest since August 2021.
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