Thursday, 24 July 2008

Retail "growth" in June slightly more believable

Today we have the retail growth number for June. It's a fall of 3.9 percent.

Last month the Office of National Statistics announced that retail growth was 3.6% in May, and I announced here that this number was derived by their tea ladies peering into the dregs.

This fall of almost four percent however is actually believable. It's what you would expect given the Bank of England's abdication of their duty to control inflation. Food costs more; clothing costs more; the only things which cost less are the things you only buy every few years such as laptops and ipods.

There is far more pain to come.

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