UK In Crisis! Retail Sales Suddenly Fall In February


 Retail sales in the UK unexpectedly showed a fall in February when the lifting of coronavirus restrictions saw Britons change their spending patterns.

Data released by the Office for National Statistics (ONS) showed a contraction of 0.3% in UK retail sales last month from 1.9% previously recorded. The reading also fell far short of expectations for a 0.6%increase.

On an annual basis, UK retail sales rose by 7%, also slipping from expectations of a 7.8% increase and falling from a record 9.4% in January. Meanwhile, core retail sales increased only 4.6% from 7.5% previously.

The decline was influenced by the decline in non -store sales and in food stores. At the same time, clothing sales increased as more people returned to the office, while online sales rates fell to their lowest level since March 2020.

Sales excluding fuel fell 0.7% during the month, according to the ONS, and more declines in spending may occur as consumers face a cost -of -living crisis.

The UK, which has previously been hit by a surge in high inflation, continues to suffer as the Ukraine-Russia war raises new uncertainties over the country’s economy.