UK retail sales hit pre-pandemic levels
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Today the UK Office for National Statistics (ONS) published retail sales data for February. Compared to January, they rose by 1.2%, which is 0.2% higher than the respondents expected Bloomberg analysts, and is the maximum dynamics since October last year.
The ONS also noted that “with the increase in retail sales in February 2023, their volume returned to pre-pandemic levels recorded in February 2020.” Sales in non-grocery stores showed the largest increase in February, up 2.4%, largely due to good sales results in department stores. Grocery store sales rose 0.9% from just 0.1% in January.
“February sales growth suggests that consumer confidence is heading in the right direction after several challenging months,” Aled Pratchett, retail analyst at Lloyds Bank, told Bloomberg. Retailers have more cash thanks to the seasonal decline in fuel prices, so they can expect a longer period of growth in retail sales.”
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