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News : UK Economy Last Updated: Aug 16, 2012 - 3:28 PM

UK retail sales rose unexpectedly in July and June sales were also revised upwards
By Finfacts Team
Aug 16, 2012 - 1:52 PM

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UK retail sales rose unexpectedly in July and June sales were also revised upwards, triggering speculation that the UK’s double-dip recession has been overstated.

The Office for National Statistics reports that  in July 2012 the estimated all retailing seasonally adjusted sales volume index increased by 2.8% compared with July 2011 and increased by 0.3% compared with June 2012. The estimated all retailing seasonally adjusted sales value index increased by 3.1% in July 2012 compared with July 2011 and increased by 0.8% compared with June 2012.

Annual implied store price inflation slowed to 0.2%. The annual Consumer Price Index (CPI) increased to 2.6% in July.

The ONS said July trading period covered two days of the Olympic Games; 27 and 28 July. Feedback from retailers suggests that there has been no impact on sales from the Games in this trading period.

In the four week period of July 2012 the total non-seasonally adjusted value of spending in the retail sector was estimated to be £26.8bn. This compares with the revised figure of £33.1bn in the five weeks of June 2012 and £26.1bn in the four weeks of July 2011. This equates to an average weekly spend of £6.7bn in July 2012, £6.6bn in June 2012 and £6.5bn in July 2011.

 Average weekly Internet sales values (non-seasonally adjusted) in July 2012 were estimated to be £505.1m, which is an increase of 14.2% when compared with July 2011.

Internet sales were estimated to account for 8.5% of all retail spending excluding automotive fuel.

ONS report [pdf]

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