2023-03-24 03:31:15 ET
- Retail sales in the UK unexpectedly surged 1.2% month-over-month in February of 2023, following an upwardly revised 0.9% rise in January and compared to forecasts of a 0.2% gain.
- It is the biggest increase in four months, boosted by sales at non-food stores (2.4%), namely discount department stores, clothing, second-hand goods stores, such as auction houses and charity shops.
- In January, retail sales rose by a revised 0.9%, compared with the 0.5% rise previously estimated, it said.
- Nonfood stores sales volumes rose by 2.4% in February, due to strong sales in discount department stores, the ONS said.
- Core retail sales increased by 1.5% versus 0.9% in January. Y/Y, core retail sales fell by 3.3%, with retail sales down by 3.5%. Economists forecast core retail sales to fall by 4.7% Y/Y and retail sales to decline by 4.7%.
- With the February 2023 increase, retail sales returned to February 2020 pre-coronavirus pandemic levels.
- Considering the three months to February 2023 however, retail sales were down 0.3%.
- UK inflation rose unexpectedly to 10.4% in February, prompting the Bank of England to raise interest rates by another 25 basis points.
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UK retail sales unexpectedly rise 1.2% to test the BoE on inflation