Retail sales rise in Great Britain after Iran war prompted ‘panic at the pumps’

Rise of 0.7% in March was spurred by motorists filling their tanks, and the sun helping clothing and footwear Motorists stocking up on fuel helped to push up retail sales in Great Britain last month as the Iran war prompted “panic at the pumps” amid rapid rises in petrol and diesel prices. The Office for National Statistics (ONS) said the volume of retail sales rose by 0.7% last month, well above analysts’ forecasts of just 0.1%. That rise was driven by a 6.1% rise in fuel sales volumes amid the biggest jump in fuel prices for more than three years, triggered by the conflict in the Middle East. The value of fuel sales rose by 11.6% amid the jump in petrol and diesel prices, the biggest monthly increase since November 2021. “There was panic at the pumps in March, as escalating prices saw motorists race to fill up their tanks to try to save cash and build reserves in case of shortages,” said Susannah Streeter, the chief investment strategist at Wealth Club. “A surge in purchases on forecourts was the biggest driver behind the uplift in monthly retail sales.” Just before the US-Israel attacks on Iran began at the end of February, the price of oil was hovering at $72.50 a