Retail sales fall in the UK in March as icy weather cuts demand for petrol
London — British retail sales slid 1.2% in March, as "beast from the east" freezing weather sliced demand for car fuel but boosted online purchasing, official data showed on Thursday. "The month-on-month growth rate fell by 1.2% due to a large fall of 7.4% from petrol sales; a likely consequence of adverse weather conditions, which impacted travel," the Office for National Statistics (ONS) said in a statement. Analysts’ consensus forecast had been for a drop of 0.6%. The ONS added that "department stores were the only sector to show positive growth in March at 0.8%, with feedback from retailers suggesting that online offers for Mothering Sunday and Easter boosted internet sales more than usual during the adverse weather". Britain suffered freezing temperatures from late February through to March as blasts of icy weather from Siberia engulfed Europe. Thursday’s retail sales data had been keenly awaited by markets for further clues on the outlook for UK interest rates. "The figures, c...
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