UK retail sales fall more than expected in March

UK retail sales fell much more than expected in March, with food and clothing sales all weaker, according to the latest data from the Office for National Statistics.

Retail sales dropped 1.3% compared with February, which was much steeper than the 0.1% forecast by economists.

Core retail sales – excluding auto fuel – were down 1.6%, marking the biggest decline since January 2014. This was also a much bigger decrease than the 0.4% pencilled in by economists.

On the year, retail sales were up 2.7%, missing expectations for a 4.4% increase.

Dennis de Jong, managing director at UFX.com, said: “Any number of factors could be to blame, from bad weather to poor employment figures, along with the reality that wage growth remains stagnant. Consumers may also be nervous about an uncertain Brexit outcome, ensuring they keep a tight hold on their wallets.

“Mark Carney and his BoE colleagues will be hopeful that the pending arrival of summer will prompt the masses to hit the high street, and drive those numbers back up.”