UK Retail Sales Rise Unexpectedly
(RTTNews) - UK retail sales grew unexpectedly in March largely due to a rise in fuel sales as motorists stocked up on fuel amid the war in the Middle East, the Office for National Statistics reported Friday.
Retail sales increased 0.7 percent on a monthly basis in March, reversing a 0.6 percent fall in February. The increase also exceeded economists' expectations of flat growth.
Similarly, excluding auto fuel, retail sales grew 0.2 percent, in contrast to the 0.6 percent decrease in February.
The monthly rise in sales volume was largely because of a rise in fuel sales, with retailers reporting that motorists increased fuel purchases due to Middle East geopolitical concerns, the ONS said.
Data showed that food-store sales dropped 0.8 percent, while non-food sales increased 1.9 percent. At the same time, automotive fuel sales climbed 1.3 percent.
On a yearly basis, retail sales advanced 1.7 percent in March, slightly slower than the 1.8 percent rise in February. However, the growth surpassed economists' forecast of 1.3 percent.
Retail sales, excluding automotive fuel also registered a slower growth of 1.7 percent after rising 2.7 percent in February. Economists had forecast an annual growth of 2.0 percent.
In the first quarter, retail sales grew 1.6 percent from the preceding quarter. The ONS said non-food stores' sales volumes grew, with art selling well in January and February, alongside a strong performance by cosmetic and toiletries stores, with new collections being launched.
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