THE robust growth in high street sales slowed last month, official statistics have shown.
Figures from the Office for National Statistics showed the volume of retail sales in August was 0.5 per cent above July and 6.3 per cent higher than August 2000.
But the month-on-month growth, although still robust, showed a slowing on July's 0.7 per cent increase, which had highlighted concerns that the high street remained an inflationary worry.
The new data is in line with the expectations of economists, who had forecast sales to hold up.
The data also shows the growth of food store sales remained unchanged on the previous month, at 0.3 per cent. Clothing and footwear fell from 1.2 per cent to 0.7 per cent.
Earlier this month, figures from the British Retail Consortium showed signs of a possible slowdown in high street spending, with retail sales growth falling in August. Like-for-like retail sales rose 5.6 per cent in value terms, down from 6.1 per cent in July.
Figures from the CBI also showed the pace of growth on the high street was set to weaken, although it said shoppers did continue their spending spree in August, with sales growing at their fastest rate for nearly five years.
However, the important issue following this week's attack on America is how consumer confidence will be affected in the months ahead.
Philip Shaw, economist at Investec, said: "The key question is whether the attack on New York will have an effect on consumer behaviour."
Obviously people had been affected, but even if that extended to slow consumer spending he believed it would only be temporary.
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