This July, while we sit behind fans, taking respite from the heat, we could be forgiven for saying “phew, it’s a scorcher out there.” But back in June, retailers across the land, were no doubt saying “phew” the good times are back.
June saw a 0.9 percent rise in sales while the three month period to the end of June saw sales 2.1 percent up on the previous three month period. That was the highest rate of three monthly growth seen since June 2001. But, with the good news on sales came bad news on prices. The retail price deflator, sank from -0.4 percent to -0.9 percent.
It’s perhaps too early for retailers to be cracking open the champagne, and for interest rate watchers to be drowning their sorrows in predictions of rate hikes. Much of the High Street boom was down to the football with beer and LCD sales booming, for example.
But its hard to believe such a significant uplift in sales was down solely to the World Cup. Next months figures, then will have added significance.
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