The 0.5% m/m rise in retail sales volumes in September was much better than expected (consensus forecast -0.2% m/m, CE -1.2% m/m) and meant sales rose for the fourth month in a row and by 0.9% q/q in Q3 as a whole. But against a backdrop of weak employment, high inflation and with tax rises on the horizon, we doubt the retail sector will be able to sustain this strength.
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