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(Bloomberg) — UK retail sales unexpectedly soared in March, with the country’s motorists rushing to forecourts to fill up on fuel as petrol prices surged in light of conflict in the Middle East.
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The volume of goods sold online and in stores rose 0.7%, reversing a revised 0.6% decline the previous month, the Office for National Statistics said Friday. The increase defied economists’ expectations of no change.
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Irrespective of the impact of motor fuel sales, the report also suggests consumers were largely unfazed by the immediate impact of the first US strikes on Iran on Feb. 28, when oil prices rose above $100 a barrel. In recent months, many Britons have increased their savings, and are partly shielded from higher global energy prices until a price cap on household bills ends in June.
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Excluding motor fuel, retail sales still increased, by 0.2%.
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The data completes a snapshot of the UK economy ahead of a key Bank of England interest-rate decision next week. Policymakers face a difficult trade-off between a weakening jobs market and growing price pressures, with 3.3% inflation driven by surging motor fuel costs.
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A separate GfK report Thursday showed that confidence slid in April as consumers started to feel the impact of higher prices at the pump. However, the affect on sentiment so far has been relatively muted compared with previous crises like the 2022 cost-of-living shock triggered by Russia’s invasion of Ukraine.
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—With assistance from Mark Evans, Harumi Ichikura and Joel Rinneby.
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