British retail sales rose modestly in February, as expected, although growth in the previous months over the key Christmas shopping period was revised lower.
The Office for National Statistics said retail sales climbed 0.2% in February, slower than a downwardly-revised 0.7% in January but in line with forecasts. That put the annual rate at 3.6%.
December's decline was revised to 1.2% from a 1.1% fall previously. On a three-month basis, a better measure of the underlying trend, retail sales fell 0.6%, the weakest performance since March 2003 when consumer sentiment was dented by the run-up to the Iraq war.
The figures, which suggest an already sluggish Christmas period was weaker, could give the Bank of England reason to wait before raising interest rates again.
