Aug Retail Sales +1.0% m/m; +2.4% y/y
-UK Aug Retail Sales Ex-Auto Fuel Sales +1.0% m/m; +2.8% y/y
-UK Q2 Retail Sales Unrevised at +1.5% q/q; Adds 0.09pp to Q2 GDP
-UK ONS: Non-Essential Spending Up Despite Evidence of Elevated Prices
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Retail sales were robust in August, courtesy of strength in the
non-food and non-store retailing sectors. Sales volumes rose 1.0% m/m in
August, last higher back in April, with the non-food and non-store
sectors each contributing 0.4pp to the rise. This came despite price
growth in non-food goods (3.2% y/y) and non-store retailing goods (3.3%
y/y), the highest since March 1992 for both sectors. On the year, sales
volumes increased 2.4%, the 52nd consecutive monthly y/y increase. July
retail sales were revised up to 0.6% m/m and 1.4% y/y. For Q3 sales
volume growth to match Q2, sales must rise by a near-record high 2.9%
m/m in September.
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