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British retail sales slip slightly in March

Xinhua, April 24, 2015 Adjust font size:

Britain's retail sales volume decreased slightly by 0.5 percent in March 2015 compared with that of the previous month, as the petrol stations' sales drop significantly, said the Office for National Statistics (ONS) on Thursday.

Data showed that British retail sales increased by 4.2 percent in March 2015 compared with that of a year earlier, recording the 24th consecutive month of year-on-year growth.

In March, the amount spent in the retail industry increased by 0.7 percent compared with March 2014 and decreased by 0.3 percent compared with February 2015, figures showed.

Average store prices fell by 3.1 percent year-on-year in March, registering the 9th consecutive month of year-on-year fall. The largest contribution to the year-on-year fall "once again" came from petrol stations which fell by 12.8 percent and is the 19th consecutive month of year-on-year falling prices in this store type, said the government statistics arm.

The value of internet sales dropped by 0.8 percent compared with February 2015, but increased by 10.3 percent compared with March 2014, data showed. The value of sales made online accounted for 11.7 percent of all retail sales.

Martin Beck, senior economic advisor to the EY ITEM Club, commented in a note:" The weakness in March's retail sales figures was driven overwhelmingly by a drop in fuel sales. Fuel aside, retail sales rose in March so we remain of the view that 2015 will be a bright year for the retail sector."

Vicky Redwood, Chief UK Economist at Capital Economics, also said in an analysis piece:" Looking ahead, the outlook for retail spending remains strong given that wages are rising, jobs growth is strong and consumer confidence is high." Endit