Retail sales rise as British motorists stock up on fuel | Retail industry
Retail sales in Great Britain rose last month as drivers stocked up on fuel as they watched pump prices soar due to the Iran war.
The Office for National Statistics (ONS) said retail sales volume rose 0.7% last month, well ahead of analysts’ forecasts of just 0.1%, as the amount of fuel purchased reached the highest level since 2021.
Fuel sales volumes rose by 6.1 percent last month as drivers filled their tanks, while conflicts in the Middle East triggered the biggest increase in fuel prices in more than three years.
The value of sales, which means the amount of money spent on fuel, increased by 11.6% due to the increase in gasoline and diesel prices.
ONS senior statistician Hannah Finselbach said retailers commented that “many motorists were filling up their tanks in March after the outbreak of conflict in the Middle East”.
Excluding the impact of fuel purchases, total retail sales rose 0.2% month-on-month, following a 0.6% decline in February. On Friday the ONS revised February sales downwards from the 0.4% decline it forecast last month.
Sunny weather in March helped retailers and clothing stores in particular, the ONS said.
Textile, clothing and shoe stores recorded a 1.2% increase in monthly sales, while sales in large stores increased by 1.1%.
The only retail sector to experience a monthly decline in sales was supermarkets and food stores, where sales volume fell by 0.8%.
“This recovery shows that while consumer confidence remains under scrutiny, spending has not stagnated and shoppers are willing to engage where purchases are timely and relevant,” said Deann Evans, General Manager of Shopify Europe.
