The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
UK retail sales unexpectedly fell in February as an end to coronavirus restrictions saw Britons change their spending patterns as they socialised more and returned to the office.
The volume of goods sold in stores and online dropped 0.3%, after rising 1.9% in January, the Office for National Statistics (ONS) said. Economists had expected growth of 0.7%.
Spending dropped at food stores as more Brits headed to restaurants, while sales at household goods stores also fell. Clothing sales picked up as more peopled returned to the office, and the proportion of sales carried out online fell to the lowest since March 2020.
Sales excluding fuel fell 0.7% in the month, the ONS said, and more declines in spending may be coming as consumers face a cost of living crisis.
That’s mainly driven by looming rises in energy bills that are likely to worsen due to the war in Ukraine.