British retail sales rose 0.7% in March as motorists stocked up on petrol

{"text":[[{"start":8.7,"text":"British retail sales rose 0.7 per cent in March, surpassing forecasts, as the surge in petrol prices unleashed by the Iran war prompted motorists to stock up on fuel. "}],[{"start":20.35,"text":"Friday’s figure for sales volumes from the Office for National Statistics was far above the 0.1 per cent expected by economists and followed a downwardly revised 0.6 per cent decline in February."}],[{"start":34.400000000000006,"text":"The report is the first official data showing how consumers responded to the outbreak of war in the Middle East, which sent energy prices soaring and mortgage rates higher."}],[{"start":44.10000000000001,"text":"“Fuel sales rose sharply on the month, with retailers reporting that motorists stocked up on fuel as prices rose,” the ONS said, adding that fuel sales volume climbed 6.1 per cent in March."}],[{"start":56.75000000000001,"text":"Alongside the steep increase in fuel purchases, clothing stores enjoyed a pick-up in sales, which retailers attributed to better weather. Computer and telecoms stores also reported an increase in sales volumes thanks to new product launches, the ONS said. "}],[{"start":71.80000000000001,"text":"Excluding fuel, sales volumes were still 0.1 per cent below their level in February 2020, before the Covid-19 pandemic."}],[{"start":null,"text":"

"}],[{"start":80.25000000000001,"text":"The strong rise in sales boosted by fuel purchases “is unlikely to be repeated in April”, said Ashley Webb, economist at Capital Economics."}],[{"start":90.00000000000001,"text":"Weaker consumer confidence and expectations that unemployment will rise “suggest annual real retail sales growth will stagnate before long”, he added."}],[{"start":98.90000000000002,"text":"The response by consumers to the energy shock echoes that of UK businesses. UK business activity rose more than expected in April as companies rushed to secure purchases amid fears that prices would rise even higher and supply shortages would worsen, a survey published on Thursday showed. "}],[{"start":116.80000000000001,"text":"In the three months to March, a less volatile measure, sales volumes were up 1.6 per cent compared with the previous three-month period, driven by strong spending in January, the ONS said. This suggests the retail sector made a solid contribution to economic growth in the first quarter. "}],[{"start":133.9,"text":"But with the energy shock from the conflict still affecting households, consumer confidence dropped to its lowest level since 2023 in April amid concerns over the cost of living, according to a survey published on Thursday from research company GfK."}],[{"start":149,"text":"Martin Beck, chief economist at WPI Strategy, said: “March may prove a high-water mark for the time being.”"}],[{"start":156.4,"text":"He added that “rising energy costs linked to the turmoil in the Middle East risk squeezing household budgets and denting consumer confidence just as momentum was beginning to build”."}],[{"start":169.15,"text":"Financial markets are pricing a high probability that the Bank of England will next week keep interest rates on hold at 3.75 per cent as rate setters face the dilemma of how to balance tackling high inflation and the hit on demand. Inflation accelerated to 3.3 per cent in March from 3 per cent in February, according to data published on Wednesday. "}],[{"start":200.45,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777021908_3415.mp3"}