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UK drivers' dash for fuel at start of Iran war boosts retail sales
Fuel sales jumped 6.1% as motorists rushed to fill up amid higher prices, helping retail volumes beat economists’ forecasts.
- The Office for National Statistics reported retail sales rose 0.7% in March, surpassing economist predictions of a 0.1% dip and reversing February's 0.6% decline.
- Motorists stocking up on fuel amid rising prices triggered by the Iran war drove the increase; Statisticians indicated fuel sales volumes jumped 6.1% for the month, the highest level since April 2021.
- Recent data from the RAC shows petrol prices surged 18.5% to 157.34 pence per litre, while diesel jumped 33.4% to 189.88 pence, pushing fuel sales value up 11.6%.
- Clothing stores grew 1.2% amid better weather, though food sales slipped 0.8%; Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, noted households "largely brushed off" initial energy shocks.
- Danni Hewson, head of financial analysis at Bell, warned the sales jump "heralds bad news," cautioning that People spending more on fuel will have less for other purchases.
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UK drivers' dash for fuel at start of Iran war boosts retail sales
British motorists worried about fuel price increases rushed to the pumps immediately after the start of the Iran war, pushing up total sales volumes for the country's retail sector by more than expected in March, official data showed on Friday.
·United Kingdom
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UK Retail Sales Beat Expectations
Retail sales rose by more than expected last month, boosted by motorists stocking up on fuel after the conflict in the Middle East sent petrol and diesel prices soaring. Data from the Office for National Statistics (ONS) shows the volume (more…) The post UK Retail Sales Beat Expectations appeared first on KamCity.
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Total News Sources21
Leaning Left4Leaning Right0Center4Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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