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October retail sales growth at highest level since 2002

Written by: Paloma Kubiak
Retail sales in October are estimated to have increased by more than 7% compared with the same period last year, the highest rate of growth since April 2002.

In the four week period to 30 October, the retail sector is estimated to have increased by 7.4% compared with October 2015 – the 42nd consecutive period of year-on-year growth.

Compared with September 2016, the quantity bought was estimated to have increased by 1.9%, the 34th consecutive period of quarterly growth, and there were increases in all store types, except department stores.

The Office for National Statistics (ONS) said the largest contribution to growth came from textiles, clothing and footwear stores.

Average store prices (including petrol stations) fell by 0.7% in October 2016 compared with October 2015 – the smallest decrease since July 2014.

Looking at the difference between September 2016, the ONS revealed that average store prices have increased by 0.4%, with the largest increase seen in petrol stations (2.2%).

Turning to the total amount spent in the retail industry, the statistics revealed this sum increased by 6.6% to £30.8bn, compared with October 2015. It represents the largest year-on-year increase since January 2011 while comparing the figure against the previous month, the value increased by 2.1%.

The amount spent online increased by a staggering 26.8% compared with October 2015 and by 1.3% compared with September 2016.

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