Massive Jump in UK Retail in July - ONS

Retail sales volume in the UK was 3.3% higher last month than they were in July last year, the Office for National Statistics has revealed today, the value of retail sales was 2.2% higher.

This is yet more positive news on the UK economy, and perhaps the most positive news we have had so far. Increased retail sales, means increased consumer spending, which would seem to suggest improving sentiment and perhaps even improving job security.

The results present a strange anomaly: in terms of retail sales volume, in food stores it was 5.2% higher year on year, and value was 2% higher year on year, whereas non-food retail saw sales volume grow by over 3% year on year, while the value of those sales dropped 0.6%. This seems to present that prices in the non-food sector have seen some pretty significant falls this year.

The non-retail and repair sector saw a 12.9% increase in volume, and a 10.8% increase in value.

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