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Retail sales rally despite consumer debt levels
18/11/2005 13:36:00
Retail sales in the UK rose slightly last quarter, despite soaring oil prices and high levels of debt repayments.
Official figures show that seasonally adjusted retail sales in the three months to October 2005 were 0.7 per cent higher than the previous quarter and sales rose 0.2 per cent between September and October. Increases were registered by the Office for National Statistics (ONS) in all sectors over the quarter, except textiles, clothing and footwear and non-store retailers.
According to the ONS, the volume of retail sales indicates modest growth in recent months, following a period of flat sales from late last year. The Bank of England has forecast that levels of consumer spending will rise during 2006.
The average weekly value of retail sales in October was £4,780 million, 0.3 per cent higher than in October 2004 and 4.6 per cent above September's figure. The value of sales in current prices between August and October was 0.2 per cent higher than a year earlier.
UK consumer debt broke through the £1 trillion barrier in July this year and MPs and charities have been warning that spending must be curbed. Recent months have seen a sharp increase in the number of people struggling to repay debts and declaring bankruptcy.
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