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UK retail sales drop 0.3% in February

UK retail sales drop 0.3% in February

Retail sales in the United Kingdom showed 0.3 percent drop in February, defying analysts’ forecasts of 0.2 percent fall. In January, retail sales saw a 1.1 percent advance, revised up from 0.9 percent.

Excluding fuel, sales volume dipped 0.5 percent, following a 1.8 percent increase in January.

However, the annual signaled a stall, retreating from a previous of 0.9 percent rise. Without fuel, the annual pace was 0.5 percent up, decelerating from a prior of 1.3 percent.

“The data collection for the period was completed by 29 February and is largely unaffected by recent developments with the coronavirus; however, a small number of retailers suggested that online orders shipped from China were reduced because of the impact of COVID-19,” the ONS said.

As of 07:25 GMT, the pound traded lower versus the US dollar at 1.1852 after rising over the previous two sessions.

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