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British consumers `continue spending`

17 August 2007

Consumers in the UK seem to be continuing to spend on the high street, as official statistics showed that retail sales rose during July.

Sales increased by 0.7 per cent last month from 0.4 per cent in June, according to figures from the Office for National Statistics (ONS).

It was the largest rise seen since February, which led to some economists claiming that consumers have not yet adjusted their spending after the five interest-rate rises of the past year.

However, last month`s spending spree may have been influenced by discounted prices, as ONS data reveals that prices decreased during the month by an annual rate of 1.1 per cent.

In response to the figures, economic consultancy Capital Economics said that "the continued strength of consumer activity clearly suggests that, despite the softer tone of other recent data, another interest rate hike is still on the agenda".

Recently, the Bank of England said it had "no firm view" on whether interest rates should be increased or not to help curb inflation.

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