Free Trial
OIL

Brent Spreads Continue to Rally

OIL

Chinese Crude Imports Through H1 2022

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

MNI BRIEF: UK March Sales Plunge On Supermarket Slowdown

(MNI) London
(MNI) London

Retail sales slow sharply, with food and petrol sales down.

True

UK retail sales plunged by a far-greater-than-expected 1.4% between February and March, with supermarket sales accounting for much of the decline. Food store sales declined by 1.1%, the fifth straight drop, representing the longest consecutive fall since records began in 1988. That takes supermarket sales 1.4% below the level of February 2020. Total sales are up 2.2% from the pre-pandemic levels.

Despite the rise in prices over the previous month, retail sales by value declined by 0.3% over February. Overall petrol sales by volume plunged by 3.8%, with statisticians citing evidence of a decline in non-essential travel, due to the rise in petrol prices to record-high levels. That leaves petrol sales below pre-pandemic levels. Underlining the rising cost of fuel, the same sales by value rose 2.9% m/m.

Keep reading...Show less
162 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

UK retail sales plunged by a far-greater-than-expected 1.4% between February and March, with supermarket sales accounting for much of the decline. Food store sales declined by 1.1%, the fifth straight drop, representing the longest consecutive fall since records began in 1988. That takes supermarket sales 1.4% below the level of February 2020. Total sales are up 2.2% from the pre-pandemic levels.

Despite the rise in prices over the previous month, retail sales by value declined by 0.3% over February. Overall petrol sales by volume plunged by 3.8%, with statisticians citing evidence of a decline in non-essential travel, due to the rise in petrol prices to record-high levels. That leaves petrol sales below pre-pandemic levels. Underlining the rising cost of fuel, the same sales by value rose 2.9% m/m.

Keep reading...Show less