First decline in spending in food stores in 25 years

Retail Sales, July 2014: ONS

  • In July 2014, the quantity bought in the retail industry increased by 2.6% compared with July 2013 and by 0.1% compared with June 2014.
  • The three-month on previous three-month movement in the quantity bought showed continued growth for the seventeenth consecutive month increasing by 0.3%.  This was the longest period of sustained growth since November 2007.
  • Average prices of goods sold in July 2014 compared with July 2013 showed deflation of 0.9%. Food stores were the only sector to show an increase in prices (0.2%).  There has been declining growth in this series with July 2014 showing the lowest growth since December 2004, when it fell by 0.1%.  These data are consistent with the Consumer Prices Index (CPI) which was published on 19 August 2014.
  • Since the food stores series began in January 1989, July 2014 was the first time we have seen a fall in the amount spent in food stores year-on-year (1.3%).
  • In July 2014, the amount spent in the retail industry increased by 1.7% compared with July 2013 and fell by 0.1% compared with June 2014.  Non-seasonally adjusted data show that the average weekly spend in the retail industry in July 2014 was £7.0 billion compared with £6.9 billion in July 2013 and £7.0 billion in June 2014.
  • The amount spent online increased by 11.2% in July 2014 compared with July 2013 but decreased by 1.9% compared with June 2014.
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