Discounting helped boost July's retail sales more than had been predicted.

July retail sales reap discounting rewards

Discounting helped boost July’s retail sales more than had been predicted.

Sales rose 0.7% month on month, the highest increase since February and confounding pundits’ expectations of 0.2%. Sales were up 4.4% on those of a year earlier. However, the underlying growth rate in the three months to July dropped 1.1%.

Household goods enjoyed the largest rise in almost six years – 13.4% year on year. However, discounts in sectors such as furniture and electrical goods were partly responsible. Overall, sales of non-food products were up 7.1% on a year earlier, the highest rise for three years.

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