Budget set to dent growth in retail sales

Retail sales grew for the fourth consecutive month in October and at a better- than-expected rate. However, next week’s budget is still expected to curb growth.

Updated figures released yesterday from the CSO show the volume of retail sales in October grew 1.7% on the preceding month and 3.1% on a year-on-year basis.

While further growth had been anticipated, the rate of increase was expected to be much lower and less than 1% on a monthly basis and just over 1% on an annualised reading.