United Kingdom: Retail sales shrink in February
Latest reading: Retail sales declined 0.4% in seasonally adjusted month-on-month terms in February, following a 2.0% increase in the prior month but smaller than the expected 0.7% decline.
This represented the first monthly decline in three months, driven by reduced sales in supermarkets and household goods stores, where retailers attributed weaker demand to wet and unusually heavy rainfall. Online retailers also recorded a modest drop, as consumers were said to have shifted purchases forward to January to capitalize on seasonal promotions.
On a year-on-year basis, retail sales rose 2.4% in February, following 4.7% growth in the prior month.