UK retail sales rebounded at a faster than expected pace in February, figures from the Office for National Statistics revealed Thursday.
Retail sales volume grew 0.8 percent month-on-month in February, in contrast to a 0.2 percent drop in January. Sales were expected to grow moderately by 0.3 percent.
The increase was driven by all main sectors except non-food stores.
Retail sales excluding auto fuel, increased 0.6 percent on month, reversing January’s 0.2 percent drop. Economists had forecast a monthly growth of 0.4 percent.
On a yearly basis, retail sales growth held steady at 1.5 percent in February. The expected growth rate was 1.4 percent.
Excluding auto fuel, retail sales gained at a slower pace of 1.1 percent after rising 1.3 percent a month ago. This was slightly slower than the forecast of 1.2 percent.
Rhian Murphy, ONS senior statistician said, “Retail sales did grow in February, with increases seen in food, non-store and fuel, but this followed two months of decline in these sectors.”
“However, the underlying three-month picture is one of falling sales, mainly due to strong declines across all main sectors in December.”
Source: RTT News