Official data has revealed that UK retail sales grew at a faster-than-expected rate last month, easing some of the concerns surrounding the sector.
According to the latest round of figures from the Office for National Statistics, sales were up by 0.6 per cent on September 2010, while non-store retailing – which includes online purchases – expanded by 15.5 per cent over the entire 12-month period.
Commerzbank analyst Peter Dixon welcomed the report, but suggested the surprise uptick in retail sales is unlikely to deter the Bank of England’s Monetary Policy Committee from its current path of quantitative easing unless the improved performance is maintained over the coming months.
“This [retail sales] number we have to welcome as a ray of light amongst the gloom, but until we see signs this is being repeated over the course of a few months, then it doesn't have any policy implications,” he explained.
Earlier this month, an estimate from accountancy firm BDO had suggested that the unseasonably warm weather of late September had deterred shoppers from venturing out on to the high street, just as retailers were launching their autumn/winter lines.
