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Bounce in retail spending 'is blip before the storm'
Evening Standard
|August 19, 2022
RETAIL enjoyed an unexpected summer bounce last month as promotions and hot weather persuaded shoppers to spend heavily online.
Sales volumes were up 0.3% in the month, compared with City forecasts of a 0.2% dip, providing a brief respite for the long suffering high street.
However, most economists said the monthly rise only the second this year was the calm before the storm as massively higher energy bills this autumn rapidly choked off spending.
It came in contrast to today's GfK UK consumer confidence index which fell to a fresh record low in August.
The July retail blip may also tip the Bank of England's Monetary Policy Committee towards ordering another half point interest rate rise when it meets next month.
This story is from the August 19, 2022 edition of Evening Standard.
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