A cautious approach by consumers in the run up to Christmas was indicated in the latest retail sales data from the Central Statistics Office which showed a fall in retail sales between September and October.
Volume figures, which strip out the impact of pricing, showed a 1 per cent decrease month on month to October 2003. The value of retail sales also fell in the month by 1 per cent.
The report noted that if the impact of motor sales are excluded the monthly volume decrease was 0.6 per cent.
However, on an annual basis the figures are more positive and provide further evidence of a tentative economic recovery. The value of retail sales was up 2.9 per cent in October 2003 compared with the same month in 2002.
On a volume basis retail sales also rose slightly in October 2003 compared by with the previous year, growing by 1 per cent.
Quarterly numbers underline a broadly positive trend with August to October volume figures for this year showing an 1.2 per cent increase compared with the three months ending July 2003.
A breakdown of the sales figures for the period between July and shows the most substantial volume growth came in the electrical goods sector which rose 4.3 per cent.
The largest volume decrease was in the books, newspapers and stationary sector which saw a 6 per cent fall.