Comment on the latest Office of National Statistics (ONS) retail sales figures for the month of February
Paul Martin, UK Head of Retail at KPMG, said:
“Retailers seemed to be feeling the love last month as consumers loosened January’s tightened purse strings leading to sales exceeding expectations for February. Household goods performed particularly well and even food sales made it back into the black after a trying time at the start of the year.
“However, despite the strong month-on-month pick up, over the three months to February, retailers witnessed the biggest slide in quantity sold since 2010. Store prices were also up an average of 2.8% across the board over the last 12 months, with fuel prices in particular increasing significantly due to the weakened sterling.
"While the February figures are encouraging, price increases coupled with other inflationary pressures mean we may well start to see consumers’ disposable income squeezed sooner rather than later.”
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