The 0.6% m/m rise in retail sales volumes was larger than both we (0.0% m/m) and the consensus (+0.2% m/m) had expected. Sales volumes were probably supported by the reversal of bank holiday effects in October. And given that the effect from high inflation that weighed heavily on sales volumes in Q3 is likely to intensify in Q4, we doubt this is the start of a longer lasting improvement in consumer spending.
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