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.

On the verge of a Federal Reserve decision of just how much to cut rates, Americans boosted their spending yet again.

Retail sales increased 0.1% last month, compared to consensus estimates of a 0.2% decline. That's welcomed news for investors, who are bracing for what is likely to be the Fed's first interest rate cut at the conclusion of its meeting at 2 p.m. on Wednesday.