Cebr’s comments on the impact of interest rate rises were featured in following Guardian article.
Warmer weather and online bargains drove a surprise increase in retail sales in May after City forecasts predicted the cost of living crisis would persuade consumers to be more restrained.
Retail sales in Great Britain rose 0.3% last month after a 0.5% increase in April, continuing a bounce in spending since the beginning of the year that points to a return of consumer confidence after last September’s disastrous mini-budget.
Analysts had expected the cumulative effect of interest rate rises by the Bank of England over the previous 18 months would dent consumer spending and drag down sales volumes by 0.2% in May.
Heather Bovill, a senior statistician at the Office for National Statistics, said that while food sales dropped as high prices put shoppers off, online retailers did “particularly well selling outdoor goods and summer clothes, as the sun began to shine”.