British retail sales growth accelerated more than expected in February, data from the Office for National Statistics showed Thursday.
Retail sales volume increased at a faster pace of 0.7 percent in February from January, when it gained 0.1 percent. The monthly growth exceeded a 0.4 percent increase forecast by economists.
Sales excluding auto fuel also increased 0.7 percent and reversed January’s 0.3 percent fall. It was forecast to rise by 0.4 percent.
On a yearly basis, retail sales including automotive fuel rose 5.7 percent in February, slower than a 5.9 percent rise seen in January.
Nonetheless, this was the 23rd consecutive month of year-on-year growth and the longest period of sustained expansion since May 2008, the ONS said. It was also faster than a 4.7 percent rise forecast by economists.
Excluding auto fuel, retail sales advanced 5.1 percent after expanding 5.2 percent a month ago. Economists had forecast an annual growth of 4.2 percent.
The material has been provided by InstaForex Company – www.instaforex.com