This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-65345590
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Rainfall washes out retail sales in March | Rainfall washes out retail sales in March |
| (42 minutes later) | |
| UK retail sales fell by 0.9% between February and March with shops blaming wet weather for fewer shoppers. | UK retail sales fell by 0.9% between February and March with shops blaming wet weather for fewer shoppers. |
| Non-food retailers, in particular, said that rainfall affected sales with department stores and clothing shops reporting a drop in volumes. | |
| It was the sixth wettest March on record since 1836, according to the Met Office. | It was the sixth wettest March on record since 1836, according to the Met Office. |
| The retail figures were worse than expected and came after a rise in sales the month before. | The retail figures were worse than expected and came after a rise in sales the month before. |
| The Office for National Statistics (ONS) also said that sales at food shops also fell, down 0.7%, following shortages of some products. | The Office for National Statistics (ONS) also said that sales at food shops also fell, down 0.7%, following shortages of some products. |
| Many supermarkets imposed limits on fresh produce such as tomatoes, peppers and cucumbers because of poor weather in areas including southern Spain and North Africa. | Many supermarkets imposed limits on fresh produce such as tomatoes, peppers and cucumbers because of poor weather in areas including southern Spain and North Africa. |
| The ONS said that "26% of adults experienced shortages of essential food items that were needed on a regular basis" for much of March. That was an increase of the 18% who reported similar problems in February. | The ONS said that "26% of adults experienced shortages of essential food items that were needed on a regular basis" for much of March. That was an increase of the 18% who reported similar problems in February. |
| The amount of food that people bought last month is 3% below pre-pandemic levels in February 2020, which retailers blamed on the increased cost of living and higher prices. | The amount of food that people bought last month is 3% below pre-pandemic levels in February 2020, which retailers blamed on the increased cost of living and higher prices. |
| Why are prices rising so much? | |
| Food prices to fall soon, say UK supermarkets | |
| Inflation - the rate at which prices are rising - hit 10.1% in March, mainly due to the increasing cost of food. The rate had been expected to fall below 10%. | |
| However, a drop in food production costs - which peaked in October last year according to the British Retail Consortium (BRC) - has not yet filtered into supermarkets. | |
| The BRC said that it takes between three and nine months for falling prices to reach shops. But it said: "We expect consumer food prices to start coming down over the next few months." | |
| Despite the sharp fall in March, retail sales for the first three months of the year grew by 0.6% compared to the previous three months. Capital Economics said this is the first rise in quarterly sales since the April-to-June period in 2021. | |
| It said that this suggests "the 18-month retail 'recession' may have come to an end. Indeed, the more seasonable weather in April may support a rebound in sales this month". | |
| However, Capital Economics said sales could still be tempered by a further rise in the interest rate when the Bank of England next meets in May, putting further pressure on consumer spending. | |
| The Bank has been raising borrowing costs - which currently stand at 4.25% - to try to calm stubbornly high inflation. | |
| How can I save money on my food shop? | |
| Look at your cupboards so you know what you have already | |
| Head to the reduced section first to see if it has anything you need | |
| Buy things close to their sell-by-date which will be cheaper and use your freezer | |
| Read more tips here | |
| Related Topics | Related Topics |
| Retailing | Retailing |
| UK economy | UK economy |
| Shopping | Shopping |
| Office for National Statistics | Office for National Statistics |