Retail sales on the U.K. high street grew for a second straight month in March, but less than expected, data released by an industry group showed on Tuesday.
The Confederation of British Industry said its Distributive Trades Survey showed an increase of 13% in retail sales, compared 23% in February.
Economists had expected a 20% increase.
The chairman of the CBI Distributive Trades Panel, Andy Clarke, said in a statement that, "Despite not matching the strength seen in February, it's encouraging that high street sales have continued to grow this month.
"The outlook for Easter may still be positive but, with a weak economy and pay freezes for many, consumers are likely to remain cautious for some time."
Following the release of the report, sterling continued to dive against the U.S. dollar, with GBP/USD shedding 0.75% to hit 1.4986.
The Confederation of British Industry said its Distributive Trades Survey showed an increase of 13% in retail sales, compared 23% in February.
Economists had expected a 20% increase.
The chairman of the CBI Distributive Trades Panel, Andy Clarke, said in a statement that, "Despite not matching the strength seen in February, it's encouraging that high street sales have continued to grow this month.
"The outlook for Easter may still be positive but, with a weak economy and pay freezes for many, consumers are likely to remain cautious for some time."
Following the release of the report, sterling continued to dive against the U.S. dollar, with GBP/USD shedding 0.75% to hit 1.4986.