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UK retail sales continued to increase in February, pushing them back above pre-pandemic levels, figures from the Office for National Statistics showed on Friday.
Retail sales volumes are estimated to have increased 1.2% in February from the previous month, following a rise of 0.9% in January.
This came in far higher than market expectations, according to FXStreet. Markets had expected a 0.2% monthly rise in February.
February’s rise was the largest monthly increase since October, when retail sales volumes increased 1.4%. October’s figures were boosted by the additional bank holiday for the state funeral of Queen Elizabeth II.
The increase over the month to February returns sales volumes to February 2020 pre-pandemic levels, the ONS said.
Against the same month in 2022, retail sales volumes fell by 3.5% in February. Markets had expected retail sales volumes to fall 4.7% on an annual basis.
Retail sales volumes excluding fuel rose 1.5% from the previous month in February. Markets expected a smaller 0.1% rise.
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