LONDON (Reuters) -British retail gross sales volumes stagnated in March, representing the primary time that gross sales haven’t grown in month-to-month phrases since December, the Workplace for Nationwide Statistics stated on Friday.
Economists polled by Reuters had principally forecast gross sales volumes would improve by 0.3% on the month after excessive inflation eased lately.
However the ONS stated gross sales volumes confirmed no development at 0.0% final month after rising by an upwardly revised 0.1% in February.
“{Hardware} shops, furnishings retailers, petrol stations and clothes shops all reported an increase in gross sales,” ONS senior statistician Heather Bovill stated.
“Nevertheless, these beneficial properties have been offset by falling meals gross sales and in shops the place retailers say greater costs hit buying and selling. Trying on the longer-term image, throughout the most recent three months retail gross sales elevated after a poor Christmas.”
Sterling fell briefly in opposition to the U.S. greenback instantly after the info was printed.
Gross sales volumes excluding gasoline gross sales have been down 0.3% on the month, the ONS stated.