17 August 2007
Summer sales have helped retail sales in the UK climb to levels higher than expected, new figures have shown.
According to data from the Office for National Statistics (ONS), month-on-month sales rose by 0.7%, above analysts' predictions of 0.2%.
Indeed, overall sales on the British high street increased by 4.4% on the same time last year.
The news comes as a recent survey by Marks and Spencer found that most British holidaymakers wait until ten days before jetting off to start shopping for their holiday to take advantage of the end-of-summer sale items.
Discounted holiday clothes, travel insurance, sunscreen and foreign currency are just some of the items picked up in the last-minute dash around the shops.
Earlier this week the Bank of England revealed it has decided not to increase interest rates this month.
Economists were predicting a rise to 6% in the coming months, the six rate rise since August last year.
However a surprise fall in the consumer prices index to 1.9%, fuelled predominantly by supermarket food price competition, has now led to many to change their minds about an imminent rate rise.