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| Version 3 | Version 4 |
|---|---|
| Brexit latest: Retail sales growth slows in November | Brexit latest: Retail sales growth slows in November |
| (about 1 hour later) | |
| Growth in retail sales, a key leading indicator of GDP momentum, slowed in November. | Growth in retail sales, a key leading indicator of GDP momentum, slowed in November. |
| The Office for National Statistics reported that sales volumes grew by 0.2 per cent in the month, down from strong growth of 1.8 per cent in October. | The Office for National Statistics reported that sales volumes grew by 0.2 per cent in the month, down from strong growth of 1.8 per cent in October. |
| The annual rate of expansion slowed to 5.9 per cent, down from 7.2 per cent previously. | The annual rate of expansion slowed to 5.9 per cent, down from 7.2 per cent previously. |
| Retail sales account for about 30 per cent of household spending, which in turn accounts for approximately 60 per cent of overall GDP. | Retail sales account for about 30 per cent of household spending, which in turn accounts for approximately 60 per cent of overall GDP. |
| Household consumption has been the dominant driver of the economy since 2013 and was responsible for most of the growth since the Brexit referendum. | |
| Economists expect rising inflation, as a consequence of the sharp fall of the pound since the Brexit vote driving up import costs, to squeeze disposable incomes and consumption next year, slowing the overall economy. | Economists expect rising inflation, as a consequence of the sharp fall of the pound since the Brexit vote driving up import costs, to squeeze disposable incomes and consumption next year, slowing the overall economy. |
| The ONS said that average store prices showed their first positive increase since June 2014, mainly powered by higher fuel prices at petrol stations. | The ONS said that average store prices showed their first positive increase since June 2014, mainly powered by higher fuel prices at petrol stations. |
| Annual fuel sales growth was the lowest in two years. | Annual fuel sales growth was the lowest in two years. |
| Consumer price inflation hit 1.2 per cent in November, the highest in two years. | Consumer price inflation hit 1.2 per cent in November, the highest in two years. |
| The index is widely expected to go above the Bank of England’s official 2 per cent target next year, with some forecasting that it could go as high as 4 per cent. | The index is widely expected to go above the Bank of England’s official 2 per cent target next year, with some forecasting that it could go as high as 4 per cent. |
| The ONS reported that on a three-month basis retail sales volumes continued to show “strong growth” with a 2.1 per cent rise. | The ONS reported that on a three-month basis retail sales volumes continued to show “strong growth” with a 2.1 per cent rise. |
| It said that Black Friday events had boosted non-food stores in November. | It said that Black Friday events had boosted non-food stores in November. |
| Sales of household goods rose by 6.7 per cent year on year, following 3.6 per cent growth in October. | Sales of household goods rose by 6.7 per cent year on year, following 3.6 per cent growth in October. |
| “Even if you ignore Black Friday, UK retail sales have been surprisingly strong in recent months. The big question now is: can this last?” said James Knightley of ING. | “Even if you ignore Black Friday, UK retail sales have been surprisingly strong in recent months. The big question now is: can this last?” said James Knightley of ING. |