These results confirm unequivocally that retail price deflation continues, with price deflation across the board showing a month-on-month decline for the third time this year.
More Quotes from Kevin Hawkins:
We did not expect any change in interest rates today from the Bank of England, although clearly a further reduction in the run-up to Christmas would have been helpful to both retailers and industry in general.Kevin Hawkins
These results underline yet again the continuing squeeze on consumer spending and, contrary to the Bank of England's expectations, there is no sign of an upturn.
Kevin Hawkins
We keep asking the bank where they think this growth is going to come from. With people increasingly worried about rising household bills, unless there is some stimulus from the bank itself, we are not going to see any substantial growth.
Kevin Hawkins
While the growth in November was against a weak comparison in November 2004, it is better than many had expected and the lift out of negative territory is encouraging in itself.
Kevin Hawkins
No one should be fooled into believing that the slight improvement relative to July indicates a change in trend. Any growth came from heavy discounting, which is not sustainable - especially as retailers' margins are already being squeezed by rising labour, property and energy costs. The underlying position is still weak and unlikely to improve unless and until there are further cuts in interest rates.
Kevin Hawkins
As China remains the greatest hope for bringing unbeatable value to our high streets, we trust the EU will keep its word on defending the rights of consumers and not just a handful of uncompetitive European producers.
Kevin Hawkins
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