• Retail sales volumes in February 2015: are up 0.7% on the month, up 5.7% on the year
  • Average store prices fell by 3.6% in February 2015 compared with February 2014, the largest year on year fall since records began in 1997

Commenting on the latest retail sales figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce said:

“These strong retail sales figures point to an acceleration in economic growth in the first quarter of this year. Although these figures are good news and will strengthen confidence, we must remember that the UK’s economic growth remains unbalanced and is too reliant on consumer spending. UK exporters are still facing huge challenges, particularly in the Eurozone, our largest trading partner.

“The record fall in store prices highlights the strong competitive pressures facing retailers and strengthens the case for the MPC to commit to keeping interest rates low over the next year.”