20-03-2008
ONS identifies rise in retail spending
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The UK's Office for National Statistics (ONS) has released data showing an increase in retail spending last month.
According to figures released by the organisation, retail sales figures increased by one per cent in February, when compared with the previous month.
Last month's figures are also 5.5 per cent higher, when compared with data for February 2007.
These latest figures may prompt the Bank of England - which opted to leave interest rates on hold this month - to postpone any reductions in interest rates, reports the BBC.
According to the ONS, the increase in retail spending was driven by a rise in food-related spending and contrasts with analyst expectations that retail spending in February would weaken at a rate of 0.2 per cent, compared with January 2008.
The ONS is a government department of the UK, created from the merger of the Office of Population Censuses and Surveys and the Central Statistical Office in 1996.