New UK retail sales figures show a higher than expected increase in July of 5.9%, prompting an immediate lift to the strength of the pound.
The rise, which is significantly up on June’s 4.3% increase, is largely driven by non-food sales, however, according to figures released today by the Office of National Statistics (ONS).
“Compared with June 2016, the quantity bought increased by 1.4%,” said ONS, adding that while all sectors showed growth during the month, the main contribution again came from non-food stores.
On sales value, however, the ONS figures show average store prices (including petrol stations) are now 2% below where they were in July 2015, while the rate of price fall over the last month is put at 0.8%.
