UK retail sales dip more than expected in March

Fell 0.9%

UK retail sales dropped 0.9% in March, below consensus forecasts of a 0.5% decline, following a revised 1.1% increase in the previous month.

According to the Office for National Statistics, non-food sales fell by 1.3% compared to the previous month. Food store sales volumes fell by 0.7%, following a rise of 0.6% in February. Darren Morgan, ONS director of economic statistics, said that the poor weather had impacted on sales across almost all sectors. However, he argued the broader trend is less subdued due to the data from January and February. Morgan also pointed to the cost of living crisis, as the rising food prices caused consumer spending to slip. UK food inflation has reached record highs, reaching an annualised figu...