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Retail sales take a fall in March

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Date: Thursday 24 Apr 2008

LONDON (ShareCast) - UK retail sales tumbled at their fastest rate since the start of 2007 last month, although sales in the first three months of the year have not been as high in almost two years.

Sales fell by 0.4% between February and March, the biggest drop since the 1.7% slide in January last year, reflecting falls in all sectors except household goods stores.

But figures from the Office for National Statistics showed sales between January and March climbed 2% on the previous quarter, the largest increase since the 2% in July 2006. It hasn’t been higher since the 2.2% in March 2004.

Experts reckon today’s report reduces the chance that interest rates will fall again next month.

The ONS data also revealed that food store sales fell 0.1% in March and non-food dropped 0.7%. Textiles, clothing and footwear fell for the first time since December 1998, down 0.1%.