• Retail sales volumes in October 2014; up 0.8% on the month, up 4.3% on the year
  •  Average store prices fell in October 2014 by 1.5% compared with October 2013, the largest decline since December 2002

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

“After the disappointing fall in retail sales in September, it is pleasing to see a strong rebound in October. Longer term comparisons show an encouraging upwards trend in sales. Despite signs of a slowdown in recent months, the UK recovery remains on course.

“The large decline in store prices reflects strong competition in the retail sector and provides further evidence that inflation is likely to edge lower in the coming months. The figures support our view that the MPC shouldn’t consider raising interest rates until well into 2015. The government’s priority must be to strengthen the recovery and implement measures that counter any signs of a slowdown.”