Economic news

UK retail sales rise to two-year peak in September

UK retail sales unexpectedly soared to a two-year peak in early September, the CBI data showed.

The CBI's retail sales balance leaped to +42 in the month, up from -10 in August.

The pressure on UK consumers was due to higher inflation and fall in real wages. Now, when consumer demand is picking up the Bank of England is likely to raise interest rates in November.

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