Retail sales remain flat as inflation hits

RETAIL sales, being held back by inflation, remain flat, increasing in volume by just 0.4% over the last 12 months, figures released by the Central Statistics Office yesterday reveal.

In contrast, the value of retail sales increased by 2.8% in August, 2003, compared with August, 2002, and increased by 1.6% in the month. However, if motor trades are excluded, the annual increase was 3.4% and the monthly change was 1.0%.

Irish consumers have reined in spending as the highest inflation rate among the dozen nations sharing the euro erodes purchasing power, and rising unemployment heightens concern about job security.