UK retail sales rose more than expected in July, coming in at 0.8% versus expectations for a 0.4% fall. The work of Office of National Statistics has been called into question before and these figures will undoubtedly increase calls for a renewed investigation of the government’s methodology. Not long ago BOE members said they were relying more on private survey data rather than official statistics.
Expect more hue and cry in the days ahead on this issue.
