Rising costs

The Bank of England has raised its main borrowing cost five times in the past year to their current level of 5.75% as it tries to slow the rate of inflation.

Earlier this month, the Office for National Statistics said that UK retail sales increased by more than many analysts had expected in July.

However, the increase was mainly driven by discounting and sales as shops and companies tried to tempt consumers into spending their money.

IMRG said that the fastest growing sector of online sales was electrical goods, which almost doubled from a year earlier.

Sales of clothing and accessories increased by nearly 60%, IMRG said.