•  Retail sales volumes for November 2014; up 1.6% on the month, up 6.4% on the year
  • Average stores prices fell by 2.0% in November 2014, compared with November 2013. This represents the largest fall since August 2002.

Commenting on the retail sales figures for November 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“The pace of expansion in the retail sector has accelerated in November. Long term comparisons also highlight a positive trend and demonstrate that high street sales are gathering momentum leading into the Christmas shopping season. However, it is disappointing that growth in retail sales is not being matched by stronger export sales.

“The decline in store prices reflects fierce competition in the retail sector and provides further evidence that inflation will fall below 1.0% in the coming months. In spite of today’s welcome news, the recovery is still facing challenges. To foster business confidence, the MPC should not consider raising interest rates until the final months of 2015.”