UK retail sales in October rose at the fastest annual pace since May 2008, according to figures released by the Office for National Statistics (ONS).

ONS data revealed that sales in October were up 3.4% from a year ago and increased 0.4% from September.

The figures also revealed how important the online sector is becoming, with online sales recording a 15.8% year-on-year increase in sales from October last year.

"The figures confirm that High Street spending is still holding up reasonably strongly in the face of some pretty adverse conditions for consumers," said Jonathan Loynes of Capital Economics.