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Retail sales growth continues to slow

The value of retail sales rose by 7% in February compared with the same month last year, according to figures from the Central Statistics Office, but the February index fell by 0.3% from January.

The annual rate of growth has been moving downwards since hitting a peak of over 22% in May last year.

The volume of retail sales, which excludes price effects, increased by 4% in February on an annual basis.

The three-month December-February figures, which the CSO says give a better indication of recent underlying trends, show a 1% fall compared with the previous three months.

The CSO says detailed three-month figures to January show that the biggest recent decrease was in the motor trades sector, which showed a drop of 9%.