Retail sales broadly stable in February

Retail sales remained broadly stable in February, new data from the Central Statistics Office showed today.

The figures showed a slight rise compared to January, with the volume of sales increasing by 0.3 per cent. There was no change year on year.

The slight rise was partly due to increased sales of food and fuel . The books and stationery sector was among the hardest hit, with volume falling by 2.6 per cent month on month, and electrical goods fell by 1.2 per cent.

When the motor trade was excluded from the overall figures, sales volume decreased by 0.2 per cent month on month, and rose by 1 per cent over the year.

In value terms, sales were 0.3 per cent higher month on month, and unchanged over the year. When the motor trade was discounted, the monthly figure decreased by 0.1 per cent, with a 1.4 per cent rise in the year on year trade.

Ibec group Retail Ireland said the slight increase “gives hope” to the retail sector, but warned that a sustained recovery was still some way off.

That was echoed by analysts, who felt spending would show negative trends for the year.

NCB Economics predicted consumer spending would continue to decline in 2013 as consumers remain under pressure due to austerity measures and ongoing efforts to repair household balance sheets.