July Sees Increase In Retail Sales

Both sales volumes and sales values increased during July according to a statistical bulletin from the ONS. Sales volumes increased by 2.8% compared with July 2011 while sales values increased by 3.1% compared with a year ago. There was also an increase in retail sales over the month between June and July. Over the month volumes increased by 0.3% and values by 0.8%. The average weekly spend was £6.7bn compared with £6.6bn in June 2012 and 6.5bn in July 2011. Internet spend was estimated to be £505.1m or 8.5% of all retail sales excluding automotive fuel.

Predominantly food stores increased their sales volumes by 0.9% over last year and their value by 2.9%. Prices are estimated to have increased by 1.9% over the year, the lowest increase since February 2010.

Farming Incomes Increase By Over £1.3m

Total income from farming for 2011 was estimated to have reached £5,693m compared with 2010, an increase of £1,352m or 25%. The return per annual work unit of entrepreneurial labour is estimated to have been £30,900 in real terms, an increase of 24%. Looking at the longer term, 2011 represents the best performance of the UK agricultural industry since the mid-1990s. Gross value added at basic prices increased by £1,748m to £8,845m which more than offset the increase in intermediate consumption which rose by £1,321m to £14,806m.