U.K. retail sales boosted by World Cup
British retail sales rose six times faster than expected on the month in May as consumers flocked to electrical goods stores ahead of the World Cup soccer tournament, the Office for National Statistics said last Thursday.
British retail sales rose six times faster than expected in May lifted by sales of electrical goods ahead of the World Cup in South Africa.
The ONS said sales volumes including automotive fuel rose 0.6pc last month and 2.2pc on the year. Analysts had forecast a rise of 0.1pc on the year for an annual rise of 2pc.
Excluding fuel, retail sales were 0.5pc higher on the month and were up 3.4pc on the year.
Furniture sales help lift retail sectorThe ONS said there was no growth in retail sales on the month in April, revising down its initial reading of 0.3pc.
However, underlying growth picked up in May. The three-month on three-month rolling rate rose to 1pc from a flat reading in April - its strongest since October 2009.
The figures suggest that consumer spending could give a boost to second quarter economic growth, although the outlook remains uncertain given recent falls in consumer confidence and the prospect of severe government spending cuts.
The ONS said sales at household goods stores rose 1.7pc on the month, with electrical goods performing strongly.
Sales of televisions are likely to have helped the month's figures as soccer-mad Britons splashed out on the latest technology before the World Cup in South Africa.
Food stores booked their biggest monthly rise in sales since June 2009.
Sales of clothing and footwear, however, suffered their worst month since November 2009.
The price deflator, which measures how much retailers are hiking prices, eased to 2.3pc on the year in May from 2.9pc in April.
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