- Retail sales volumes were flat in in March, following 0.1% growth in February (revised up from 0.0%).
- The month saw sales volumes rise in both in automotive fuel (3.2%) and non-food (0.5%) store sales, offset by falls in food (-0.7%) and non-store (-1.5%) sales.
- Retail sales had been expected to rise 0.3% (Trading Economics).
Nicholas Hyett, Investment Manager at Wealth Club, commented:
“Retailers had a gloomier March than many expected, and overall sales remain 1.2% below their pre-covid peak.
Department stores remain an area of particular weakness, not good news for John Lewis which announced it would not be paying its regular staff bonus for the second year in a row during the month. However, high street shops more broadly have actually performed better, it’s food retail and online shopping that have held back growth.
The disappointing numbers will fuel speculation that the Bank of England will consider interest rate cuts this summer, though are not poor enough to necessitate a move. It leaves the UK a little limbo once more.”
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