U.K. Retail Sales Climbed in August on Warmer Weather

U.K. retail sales ticked up in August after better weather boosted food sales, according to a report by KPMG and the British Retail Consortium, the Wall Street Journal reported. Total retail sales for the four weeks to Aug. 24 increased 1% on year, compared with 0.5% growth the prior month and a three-month average growth of 0.4%, the report said. Growth was once again driven mainly by food purchases. In the three months to Aug. 24, food sales increased 2.9% compared with the year-prior period. Nonfood sales over the same period decreased 1.7%.
United Kingdom
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Riksbank Governor Still Sees Three More Cuts Likely This Year

Sweden’s Riksbank is more likely than not to take its benchmark rate below 3% before the end of the year, Governor Erik Thedeen reiterated, as the country’s economy is treading water and the central bank is increasingly confident that inflation will remain near its target, Bloomberg News reported. Last month, the Swedish central bank lowered its key rate to 3.5% from 3.75% and said it expects another two or three similarly-sized cuts before the end of this year. Data released since then hasn’t changed Thedeen’s view that the latter option is more probable.
Sweden
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