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| | | | 26/03/2015 | Retail Week, Luke Tugby - Retail sales jump 5.7% in February as prices plummet to 18-year low | | | | | Retail sales up in February | | | | | Retail Week reports that according to the Office for National Statistics, retail sales increased by more than expected in February as prices dropped to their lowest level for almost 20 years.
Sales volumes were up 5.7% compared with the same month last year, while sales were also up 0.7% on January.
The performance, which bettered analysts’ forecasts, was driven by a 3.6% drop in prices year-on-year - the biggest decrease since ONS records began in 1997.
It means prices are continuing to fall after the ONS reported a 3.1% drop in January.
Sales were also boosted by the ongoing recovery in the housing market, which affected big-ticket furniture purchases.
February saw a 1.2% monthly increase in sales of household goods, including a surge in furniture purchases.
Other sectors also performed strongly as sales of clothing and footwear rose 1% on the month while department store sales climbed 1.7%.
Non-food sales were up 0.9% while food sales rose marginally by 0.2%. |
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