Retail sales figures point to continued growth and low inflation

22nd August 2014

  Retail sales volumes in July 2014: up 0.

1% on the month, up 2.6% on the year Average prices of goods sold in July 2014 compared with July 2013 showed deflation of 0.9% Commenting on the retail sales figures for July 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said: -While the rise in retail sales was slightly lower than predicted, growth appears to be much stronger if you remove erratic items such as petrol. Overall these figures suggest that growth in the economy remains healthy and is likely to continue into the third quarter of this year. -The significant year-on-year deflation in the retail sector reflects the strong competition amongst retailers and confirms there are no substantial inflationary pressures in the economy. The main priority for the government and the Bank of England must be to underpin the recovery and introduce balanced measures that support exports and investment.