UK retail sales grow 1.2% in February

Year-on-year sales fell 3.5%

UK retail sales volumes increased by 1.2% in February, compared to a rise of 0.9% in January, according to data published today (24 March) from the Office for National Statistics.

Total non-food stores sales volumes (department, clothing, household and other non-food stores) grew by 2.4% over the month, while online sales volumes rose by 0.2%. Nicholas Hyett, investment analyst at Wealth Club, said the stronger than expected rise could seem surprising due to the ongoing cost of living crisis. Higher inflation forces BoE to pursue rate rise in face of banking crisis However, he explained that growth in non-food sales was driven by discounters and second hand shops, while the rise in food volumes can be attributed to people choosing to eat in and "avoid pricey...