Investing.com – Retail sales in Britain rose unexpectedly in March, rebounding from February’s sharp decline, industry data showed on Wednesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers climbed to 15 in March, after dropping to 6 in February.
Analysts had expected the index to decline to -1 in March.
On the index, a reading above zero indicates higher sales volume, below indicates lower.
According to the data, U.K. retailers anticipate little change in the pace of sales growth next month, while price inflation has risen considerably and was due to remain high in April.
Commenting on the report, CBI Chief Economic Advisor Ian McCafferty said, “With inflation edging higher and earnings growth only modest, household budgets are under increasing pressure. Consumer demand will remain weak in the coming months.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.37% to hit 1.6071.
Meanwhile, European stock markets were broadly higher. The FTSE 100 rose 0.38%, the EURO STOXX 50 climbed 0.64%, France’s CAC 40 added 0.8%, while Germany's DAX rallied 1.44%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers climbed to 15 in March, after dropping to 6 in February.
Analysts had expected the index to decline to -1 in March.
On the index, a reading above zero indicates higher sales volume, below indicates lower.
According to the data, U.K. retailers anticipate little change in the pace of sales growth next month, while price inflation has risen considerably and was due to remain high in April.
Commenting on the report, CBI Chief Economic Advisor Ian McCafferty said, “With inflation edging higher and earnings growth only modest, household budgets are under increasing pressure. Consumer demand will remain weak in the coming months.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.37% to hit 1.6071.
Meanwhile, European stock markets were broadly higher. The FTSE 100 rose 0.38%, the EURO STOXX 50 climbed 0.64%, France’s CAC 40 added 0.8%, while Germany's DAX rallied 1.44%.