The ONS said supermarket sales fell back from January, while household goods retailers saw demand dampened due to February’s wet weather. <\/p>\n
Non-store retailers – including online and catalogue businesses – also saw a dip in sales volumes, with retailers suggesting shoppers had brought forward spending to take advantage of January sales.<\/p>\n
The drop in ONS retail sales was “modest” and below forecasts, but the fall in consumer sentiment is a “a sign of things to come”, Capital Economics UK economist Ashley Webb said.<\/p>\n
Energy prices have increased dramatically since the outbreak of the US-Israeli war with Iran on 28 February, with benchmark Brent crude oil up around 50% to $110 a barrel.<\/p>\n
Drivers are already seeing price rises at the pump<\/a>, with figures from the RAC showing petrol up 13% on average, while diesel has climbed 25%.<\/p>\n There are also fears about household energy bills beyond the summer. While the energy price cap will fall in April<\/a>, energy consultants Cornwall Insight have predicted average annual energy bills for a typical household could go up by around \u00a3300 from July.<\/p>\n