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Retail sales rise as consumers respond to drop in store prices

The Office for National Statistics has revealed shops sold 0.8% more stock last month than in September, with price cuts fuelling the increase. Over the past year, store prices have fallen by 1.5%, the largest drop for 12 years, whilst the quantity of goods sold increased 4.3%. Prices in every category of goods fell for the first time since 2002, with the cost of petrol at the pumps down 4p to an average 127p. Analysts expects shops to suffer a squeeze on profits as they go into 2015 under pressure from tightening margins.

 

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