Retail sales are at the highest level in more than three years, in the latest measure of the UK economy to confound economists.<\/p>\n
The amounts bought in shops rose 0.5% in September, far above the 0.2% contraction anticipated by economists polled by Reuters.<\/p>\n
It was the fourth monthly rise in a row and brought volumes to their highest level since July 2022.<\/p>\n
Money latest: Restaurant sends bitter message to customers<\/a><\/p>\n Doing well were computer and telecommunications retailers as the iPhone 17 launched in the month, while online jewellers reported strong demand for gold despite the price hovering around record highs.<\/p>\n Gold has been in demand, and in recent days reached a record high<\/a>, as some investors moved money out of the US dollar and government bonds amid the ongoing government shutdown.<\/p>\n It came despite a rainy month – which typically keeps shoppers at home – and a five-day tube strike<\/a> in London.<\/p>\n The impact of the rain could be seen, however, in the boost to online spending, which rose to one of the highest levels since the end of the pandemic.<\/p>\n A fall was recorded in food shop sales from August to September, signalling a response to high food price inflation.<\/p>\n A good week for the economy?<\/p>\n Retail sales figures are significant as they measure household consumption, the largest expenditure in the UK economy.<\/p>\n Growing retail sales can mean economic growth, which the government has repeatedly said is its top priority.<\/p>\n Earlier this week, another key economic measure came in better than expected.<\/p>\n