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MNI BRIEF: UK March Sales Plunge On Supermarket Slowdown

(MNI) London

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.

Retail sales fell by 1.0% over the first quarter, which leaves the sector poised to shave 0.05% from gross domestic product over the opening months of the year.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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