Market updates on July 16
Welcome to Tuesday!
British consumers spend more due to higher clothing and food prices
In September, UK shoppers stepped up their spending at the fastest pace this year, excluding an Easter-related soar in April. However, much of the ascend actually reflects higher prices for clothing and food after the Brexit vote, as a poll disclosed.
Retail sales inched up by 1.9% on alike-for-like basis stripping out changes in store size, as the British Retail Consortium informed, up from 1.6% in August.
The leap follows other signs, which UK consumers are adapting to the soar in inflation caused in large part by the decline in the value of the UK currency after the Brexet vote to take the UK out of the European Union in June last year.
The Bank of England that has already hinted it’s already approaching its first rate lift in a decade, is actually expecting a jump in spending.
As the BRC told, in August, growth in total sales the previous month slowed modestly to about 2.3% from 2.4% percent, although was still stronger than in most months so far in 2017.
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