High street sales growth, fuelled by a burst of sunny weather, last month rose at the fastest rate for over a year, according to research from the British Retail Commission.
Total sales jumped 9.3% compared to May last year, the fastest year-on-year growth since April 2000. Like-for-like sales, which allow for changes in retailers’ floor space, climbed 7.1%, again the highest increase since last April.
The news probably precludes a cut in interest rates this month, though Sir Edward George, governor of the Bank of England, did not rule out future cuts provided inflation remains below the target of 2.5%.
News source: The Times (London)