LONDON, Sept 20 (Reuters) - British retail sales rose 1% in August, official figures showed on Friday. After a surge in inflation in 2022 which caused a hit to consumer spending power for much of the following two years, a slowdown in price growth and faster increases in wages have helped to restore some of the lost living standards.

Americans spent a bit more at retailers last month, providing a small boost to the economy just as the Federal Reserve considers how much to cut its key interest rate.

The data suggests that Americans continue to spend more at retailers, offering a slight boost to the economy as the Federal Reserve weighs its next move on interest rate cuts. Online retailers, sporting goods stores, and home and garden stores all reported stronger sales during the period.