UK retail sales fall in March due to slump in fuel sales
UK retail sales fell in March due to a decline in fuel sales, the Office for National Statistics said on Thursday.
Year-on-year, retail sales were up by 4.2% last month, lower than expectations of a 5.4% increase. In February, sales were up by 5.4%.
On a monthly basis, sales fell 0.5% against expectations for 0.4% increase, and worse than February’s 0.6% jump.
The decline in sales was driven by a fall in petrol stations sales by 6.2%.
Online sales also fell by 0.8% month-on-month, but increased by 10.3% when compared with same time last year.
Capital Economics analyst Vicky Redwood said the results were “disappointing but not too much of a worry”.
The economist added: “The fall was driven by a drop in petrol sales, presumably reflecting drivers having already filled their tanks when petrol prices were at their low in February.
“With real wages still rising strongly, jobs growth robust and consumer confidence high, the outlook forretail spending remains bright.”