Retail sales in Great Britain stalled in March, as the cost of living squeeze continued to hit spending. The Office for National Statistics has reported that British retail sales volumes stagnated in March, after modest growth of only 0.1% in February (revised up from stagnation). That is weaker than expected; economists polled by Reuters had expected sales growth of 0.3% in March. While spending on motor fuel and non-food goods rose, there was a drop in spending at department stores, on food and online. On an annual basis, sales volumes rose 0.8% over the year to March 2024, weaker than the 1% expected. That leaves them 1.2% below their pre-Covid-19 level in February 2020. Automotive fuel sales volumes rose to their highest level since May 2022 in March. Retailers told the ONS the rise was linked to increased footfall on their forecourts. Reports of explosions in Iran overnight have pushed up the oil price, as investors fear an escalation in the Middle East crisis. Brent crude soared back over $90 amid reports of explosions near the Iranian city of Isfahan, with US officials confirming that Israel had carried out military operations against Iran. Oil jumped, over fears that the conflict had entered a new phase, while stocks fell. Metal and soft commodity prices – such as wheat, soybeans and corn - also rose, over fears of shipping disruption and higher energy input costs. Higher oil and food prices, and shipping costs, would add to inflation, undermining efforts to bring the cost of living crisis under control. But markets are calming down, with Brent crude now easing back to $89 a barrel (up 2% today) as Iran appeared to play down the action. The agenda • 2pm BST: IMF/World Bank spring meeting continues in Washington DC • 3.15pm BST: Bank of England deputy governor Dave Ramsden on panel about lessons to learn from post-pandemic inflation We’ll be tracking all the main events throughout the day ...
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