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MNI BRIEF: UK March Sales Plunge On Supermarket Slowdown

(MNI) London
(MNI) London

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

DataPolicyData BriefEuropeData StoriesBriefStoryUKRegionBank Of England Market News
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.

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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