💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UK retail sales rise much more than expected in April helped by Easter

Published 21/05/2014, 09:36

LONDON - British retail sales rose much more strongly than expected in April helped by robust food sales during the Easter holiday, official data showed on Wednesday.

Retail sales volumes jumped 1.3 percent on the month to show 6.9 percent growth on the year - its highest annual growth rate since May 2004.

Economists had expected retail sales to rise 0.5 percent on the month and for sales to be up 5.2 percent compared with April last year. Sales for March were also revised up significantly.

Easter this year fell in April but was in March in 2013.

Food sales jumped 3.6 percent in April from March and 6.3 percent on the year - its highest annual rise since January 2002 - due to better weather and sales promotions, as well as the later-than-usual Easter holiday, the Office for National Statistics said.

Non-food stores rose 6.5 percent year-on-year but were down 0.4 percent on the month.

Britain's consumers have been the main driver of the country's economic recovery which began last year. A fall in inflation and signs of higher wages have helped restore some of the spending power lost in the years after the financial crisis.

The turnaround in the housing market has also given home-owners more confidence to spend.

Previous industry surveys had already suggested sales picked up quickly in April due to the Easter break as well as Mother's Day.

(Reporting by Ana Nicolaci da Costa and William Schomberg)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.