Petrol price war boosts retail sales
Posted by Anna Macintyre on Friday, 17 Aug 2012, 12:58 in UK Motoring
Intense competition between supermarkets over petrol prices provided a boost to retail figures last month, new figures have suggested. According to data published by the Office for National Statistics (ONS) this week, retail sales grew by a stronger-than-expected rate of 0.3 per cent in July. City analysts had anticipated that last month’s poor weather would have a negative impact on trading. The ONS noted that petrol price discounts from supermarkets had driven the increase in retail sales and said that without them, trading would most likely have been flat. “The fact that the rise came from fuel sales emphasises the fact that problems persist on the high street. Both sport and leisurewear retailers have failed to capitalise on either Euro 2012 or Wimbledon this year,” said World First chief economist Jeremy Cook. However, the AA warned today that the cost of filling up was on the increase once again, with the average cost of unleaded having risen by 2.5 per cent – or 3.3p – to 135.5p per litre since the start of last month.
