Retail sales down in February

A survey by the British Retail Consortium said retail sales remained sluggish last month – with like-for-like sales (a measure that does not include changes in floorspace and is favoured by equity analysts) down 0.3% year on year in February.

However, total retail sales (a measure used by economists) were up 2.3% year on year following a 2.1% rise in January – a figure which is more in line with official data (which includes smaller shops).

The BRC said that strong food sales due to the cold weather at the start of February helped to drive overall growth.

“Falling inflation has eased the squeeze on household finances and halted the slide in consumer confidence, but that’s at risk from fuel price rises and Budget uncertainty,” BRC director general Stephen Robertson said.

Read the full Reuters article here.