GBPTRY Exchange Rate

UK retail sales were unchanged on a month-on-month basis in March, defying expectations for a gain, preliminary data from the Office for National Statistics showed Friday. Retail sales including automotive fuel grew 0.1 percent in the previous month. Economists were looking for a 0.3 percent gain for March.

UK consumer price inflation softened less than expected in March but hit the lowest in two-and-a-half years on food prices, adding uncertainty to the timing of the first interest rate cut from the Bank of England. Inflation weakened to 3.2 percent in March from 3.4 percent in February, the Office for National Statistics reported Wednesday.

The increase in the UK unemployment rate and the marginal slowdown in wage growth in the three months to February suggest an easing of pressure in the labor market. The ILO jobless rate rose to 4.2 percent from 3.9 percent in three months to January, the Office for National Statistics reported Tuesday. The rate was seen at 4.0 percent.

The UK economy expanded for the second straight month in February suggesting that it is set to move out of a technical recession, thanks to the rebound in manufacturing output. Real gross domestic product edged up 0.1 percent on a monthly basis in February, the Office for National Statistics said Friday. The growth for January was revised higher to 0.3 percent from 0.2 percent.