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High Street sales staying strong High Street sales staying steady
(31 minutes later)
UK retail sales have remained steady during November, despite concerns that consumers would rein in their spending, official figures have shown. UK retail sales remained steady during November, despite concerns that consumers would rein in their spending.
Retail sales rose by 1.1% in the three months to the end of November, from 1.3% in three months to October, the Office for National Statistics said. Sales rose 1.1% in the three months to the end of November, compared with 1.3% in the three months to October, the Office for National Statistics said.
The growth came predominantly from food stores and growth in a category that includes online retailers, it said. However, worries persisted that higher interest rates would dent consumer demand and slow the economy next year.
Analysts were concerned that higher interest rates would hurt spending. A report conducted at the start of December by GfK found consumer confidence at its lowest since 1995.
However, many retailers have been cutting prices to lure shoppers. "As 2007 draws to a close, we see that consumers are suffering from a dose of realism," GfK's Rachael Joy said.
According to the figures from the Office for National Statistics (ONS), average prices for the whole retail sector in November were 1.3% below their level at this time last year. GfK spoke to 2,000 individuals between 30 November and 9 December, while the Office for National Statistics data covered the month of November.
Consumers' perceptions of the climate for making major purchases stood at its lowest level since June 1991, GfK said.
That may take some time to filter through to the High Street, however.
In the Office for National Statistics (ONS) figures for November, the growth in retail sales came predominantly from food stores and growth in a category that includes online retailers.
Average prices for the whole retail sector in November were 1.3% below their level at this time last year, suggesting that retailers had been cutting prices to lure shoppers.
On a monthly basis, retail sales climbed by 0.4% in November, pushing the annual rate of growth to 4.4%, the ONS said.On a monthly basis, retail sales climbed by 0.4% in November, pushing the annual rate of growth to 4.4%, the ONS said.
The category of "non-store retailing and repair", which includes online retailers, grew 5.9% compared with the same month last year.The category of "non-store retailing and repair", which includes online retailers, grew 5.9% compared with the same month last year.