UK retail sales report sharpest quarterly decline since 2010

UK retail sales report sharpest quarterly decline since 2010

U.K. retail sales reported the sharpest quarterly fall in seven years in the first three months this year, as the rise in prices dented household spending.

Sales volume slipped 1.4 percent from the last quarter of 2016, the strongest since early 2010, while sagged 1.8 percent in March, coming below analysts’ projections of 0.3 percent slide.

The year-on-year reading showed that sales volume was 1.7 percent up in March, compared to a previous of 3.7 percent.

As of 11:20 GMT, the pound traded lower versus the U.S. dollar at 1.2773 from the session’s open at 1.2811.

Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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