UK retail sales up in February
by Elaine Frei
New data from the British Retail Consortium shows that sales rose by 5.6 percent in February compared to the same month last year. The increase came after January sales that were down from the year before. The survey also found that underlying growth was also strong, up 5 percent in the three months ending in February from the same period the year before.
The new survey showed that sales of food and drink were strong, with fresh fruits and vegetables selling better than baked goods and confections. Sales of clothing held about steady, while flat-screen TV sales were down from last year.
A separate survey from the Chartered Institute of Purchasing Managers, issued Monday, showed that growth in the services sector was less than had been expected. The results of the two reports imply that while recent interest rate hikes by the Bank of England have begun to cut into demand for services, retail sales, not covered by the CIPS survey, have not yet begun to feel the effect of rate hikes.
The Bank of England’s Monetary Policy Committee will have to factor the information from the two reports into its next decision on interest rates, due Thursday. Most analysts believe that the MPC will hold rates at their current level for another month.
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