British retail sales fall unexpectedly in February

Retail sales in the UK fell unexpectedly in February, when the reopening of the economy caused consumers to eat and drink instead of buying groceries at home, while storms pushed buyers away as well.

Sales in the UK fell 0.3 per cent between January and February, the National Statistics Office said on Friday, fluctuating from the 0.6 per cent expansion forecast in a Reuters poll. The figure fell sharply compared to a 1.9% increase in the previous month.

The data show the shrinking value of money when inflation pinched money in their wallets. In February shoppers spent 0.7% more than the previous month, but bought 0.3% less goods, ONS data showed. Inflation, at a peak of 30 years, is expected to accelerate with rising energy prices.

Food sales fell 0.2 percent, with significant falls in liquor and tobacco stores as more consumers went out to pubs and restaurants.

“More socializing as well as many of us returning to work means a good month for clothing and department stores with people looking to expand their wardrobe,” said Heather Bowl, deputy director of ONS for surveys and economic indicators. Sales volumes in non-food stores rose 0.6% last month with strong growth in clothing.

Many home products and stores reported a drop in sales, with feedback suggesting that February’s stormy weather could have an impact.

Increased travel following the removal of corona restrictions in the UK in late January has for the first time brought fuel sales above pre-plague levels. They rose by 3.6%.

The rate of online retail sales dropped to 28 percent in February 2022, the lowest rate since March 2020, but remains above pre-plague levels.

British retail sales fall unexpectedly in February Source link British retail sales fall unexpectedly in February

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