After declining in January, the retail sales in UK remained stable in February. However, shops anticipated that sales volumes will decline once more in March as the growing cost of living reduces consumers' disposable incomes.

Although during the year to February, retail sales volumes were mostly flat and topped a bit the seasonal norms. Companies are bracing themselves for yet another decline in sales next month as they remain negative about their business prospects.

Consumer spending in January went beyond projections, according to official figures released last week, although people struggling with inflation made fewer purchases and depended more on sales.

After reaching a 41-year high of 11.1% in October, consumer price inflation slowed to 10.1% last month. Inflation was predicted by economists surveyed by Reuters this month to average 7.0% this year and 2.6% in 2024.