MNI DATA BRIEF: UK Sales Surge As Lockdown Easing Starts

UK retail sales surged in March boosted by Easter and gardenware spending, far exceeding market expectations but in line with the latest MNI Reality Check, data released on Friday by the Office for National Statistics showed.

Retail sales jumped by 5.4% between February and March, well ahead of the expected 1.5% forecast by City analysts. Sales surged by 7.2% on an annual basis and stand 1.6% above February of 2020, before the pandemic ravaged the UK economy. Despite the strong performance in March, overall sales declined by 5.8% in the first quarter, which could shave 0.3 percentage points from gross domestic produce over the opening three months of the year.

Clothing sales rebounded by 17.5% in March, or by 19.3% over the same period a year earlier, while fuel sales jumped by 11.1%, for a 0.1% annual rise both boosted by an easing in lockdowns and the freedom to travel further afield.