The UK's retail sales grew over the course of October, according to official figures.
Sales across the country were up 0.8 per cent over the course of the past month compared to September, the Office for National Statistics (ONS) noted. It was also a 4.3 per cent increase on October 2013 highlighting that shoppers are hitting the high street more often than in previous years.
While sales were on the rise, prices had dropped by 1.5 per cent over the course of the year. The ONS highlighted this as the largest decline since December 2002 and put it down to the falling price in petrol. Figures from the government department showed that petrol and diesel prices were at their lowest rate since the close of 2010.
Consumers and retailers alike are gearing up for the traditional busy shopping period of Christmas. People all over the country will be writing up their Christmas list and determining which presents to buy their loved ones. Both high street and online stores will be banking on a busy festive period.
Ian Geddes, UK head of retail at business services group Deloitte, explained that the UK is partaking in the US-inspired "Black Friday" which will take place on November 28th. This is followed up by "Cyber Monday" on December 1st. These busy online shopping days are expected to be "record-breaking" and provide a considerable boost to vendors prior to Christmas, Mr Geddes added.
The Deloitte expert went on to say: "A stronger than expected month, albeit driven by discounting, will bring some cheer as we start the run-up to Christmas."
Supermarkets will be banking on a profitable festive period with the likes of Sainsbury's, Morrisons and Tesco experiencing some tough trading conditions in recent months. The rise of discounters Aldi and Lidl has increased pressure on these more traditional stores.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.