20/12/12

  • Volume of retail sales in November 2012: Nil growth on the month, 0.9% growth on the year 

Commenting on the retail sales figures for November, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said: 

“Though marginally weaker than analysts predicted, the November retail sales compare favourably with the fall recorded in October. They support our view that the economy would slow markedly in the fourth quarter, but it is premature to assume that there would be an outright decline in activity.

Despite this, one welcome development is that annual inflation in the retail sector slowed in November to 0.5%, after accelerating in the previous month to 0.9%. Reduced store price inflation, if sustained, would be beneficial at a time when the UK is facing difficult economic challenges. Falling inflation will benefit the UK economy, as it will reduce the squeeze on businesses and consumers, and underpin domestic demand.”

Ends

Notes to editors:

ONS Retail Sales: http://www.ons.gov.uk/ons/rel/rsi/retail-sales/november-2012/index.html

The British Chambers of Commerce (BCC) sits at the heart of a powerful nationwide network of 51 Accredited Chambers of Commerce, serving over 104,000 businesses across the UK, which employ over five million people. For more information visit: www.britishchambers.org.uk

Media contacts

Lisa Morrison

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l.morrison@britishchambers.org.uk

Allan Williams

T: +44 [0]20 7654 5813
M: +44 [0]7825 746812
a.williams@britishchambers.org.uk