The nation’s retailers recorded ‘robust’ growth at the tills last month, as shoppers showed no signs of being discouraged by the rise in interest rates, official figures have revealed.
Data from the Office for National Statistics (ONS) shows that shop sales rose 0.3% in August, buoyed by strong performances by household goods and non-store sales, which include online purchases.
Non-store sales climbed 6.3% last month, and the ONS reports the lowest level of discounting by shop owners in over four years.
On the year, retail sales have now grown 4.3%.
The ONS also said it has revised July’s sales figure upwards from an original decline of 0.3% to now show that there was no change on the month.
The strong performance on the high streets coupled with this week’s inflationary report showing the country is still outpacing the government’s target of 2% reinforces concerns from many analysts that another rate rise is in the future, possibly this winter.
After a year without change, the Bank of England’s Monetary Policy Committee (MPC) rose the base rate by a quarter-point to 4.75% last month.