• Retail sales volumes for May 2013: +2.1% on the month, +1.9% on the year
Commenting on the Retail Sales figures for May 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:“The upturn in retail sales is good news for the economy, and reinforces our expectation that GDP growth will be modest in the second quarter of 2013. This upward movement was mainly due to the food sector, and while promotions played their part, the overall trend in most retail areas has been positive.
“The improved sales figures seen over the past year have benefitted from lower inflation. Therefore, the MPC should take no risks, and the recent increase in inflation must be reversed as soon as possible. But the government must also play its part to build on these figures. This means firm action in next week’s Spending Review to prioritise measures to boost growth, such as a greater focus on infrastructure projects and support for exporters.”