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UK retail sales rise strongly in March

UK retail sales rise strongly in March

Retail sales in the United Kingdom showed an unexpected rise in March due mainly to a soar in spending at food stores and at non-store retailing, the Office for National Statistics reported.

Retail sales volume jumped 1.1 percent last month, compared to forecasts of 0.3 percent decrease, following a prior of 0.4 percent advance.

The annual reading showed a 6.7 percent surge, marking the biggest increase since October 2016, while sales were up 1.6 percent over the quarter through March.

“March’s mild weather boosted sales, with food shops also recovering after a weak February,” said ONS’s head of retail sales, Rhian Murphy.

The GBPUSD pair traded lower at 1.3011, compared to the session’s open at 1.3038, as of 09:17 GMT.

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