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(CEP News) Frankfurt - UK retail sales surprised to the upside in August, rising 3.3% on an annualized basis, the Office for National Statistics (ONS) reported Thursday. Economists had expected a growth rate of 1.6%, down from July's 2.0% rate, which was revised down from 2.1%.
"In the three months to August the seasonally adjusted index for the volume of retail sales fell by 0.8 per cent over the previous three months," ONS added. "However, on this occasion ONS advises caution in the interpretation of this indicator, because of the record increase in the index in May 2008." In monthly terms, the retail sales growth rate jumped to 1.2% in August, up from both the 0.6% decline expected and the 0.9% gain seen in the previous period. Meanwhile, July's figure was revised up from an initial reading of +0.8%. "The growth was driven primarily by the clothing and footwear stores," ONS noted. By Todd Wailoo,
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