ONS data shows volume of retail sales dropped 0.9% in August – mainly due to weaker demand for food
Britain's consumers took a break from shopping last month as spending fell back from the high levels recorded in July.
Data from the Office for National Statistics showed that the volume of retail sales dropped by 0.9% in August – mainly as the result of weaker demand for food.
The ONS said supermarkets had been particularly busy in July during the hottest of the summer weather but that activity came back to more normal levels in August.
After the recent run of strong economic news, the City had been expecting retail sales to grow by 0.4% between July and August, and the pound fell when the figures were released.
Food sales dropped 2.7% in August, and there was little evidence of the recent pickup in housing activity helping sales of household goods, which fell by 1.6%.
Over the three months to August – considered a better guide to the trend than one month's figures – retail sales were up by 1.7%.
Annual growth – comparing the latest quarter with the same three months in 2012 – stood at 2.3%, the ONS said.
The official figures also indicate Britain's increasing love of online shopping. The ONS said non-store retailing sales grew by 29% between August 2012 and August 2013 and that there had been a marked upward trend since the turn of the year.
"Since January 2013, the non-store retailing sector has seen continued year-on-year growth in both the amount spent and bought in this sector."
James Knightley, an economist at ING, said: "It is a disappointing outcome that has taken the wind out of the sails of sterling for now, but the underlying story still looks good with the three month on month total sales growth still up 1.7%, consumer confidence rising, employment increasing and credit availability improving."
Article Source : http://www.guardian.co.uk
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