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.”