• Retail sales volumes in February 2014: up 1.7% on the month, up 3.7% on the year
  • The average price of goods shows a fall of 0.2% over the 12 months to February 2014

Commenting on the Retail Sales figures for February 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“Following last month’s unusually large fall, the 1.7% increase was unsurprising. The longer-term comparison continues to show strong growth in consumer spending at a pace higher than the increase in total GDP. These figures support our view that GDP growth will be around 0.7% in the first quarter of 2014.

“While it is important that consumer spending remains an important part of total growth, our recovery must be more balanced. Unless exports and investment make a greater contribution there are risks that our recovery could stall.”