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Retail sales rise for seventh month

Fuel drop: Plunging gasoline prices meant service stations took less at the till in March

Retail sales went up by more than two per cent in March compared to the same time last year.

And the sale of vehicles showed the largest growth — up by more than a quarter (26.4 per cent).

Analysts said the increase was due to a leap in demand for motorcycles, while the sales of cars and trucks declined.

It was the seventh consecutive month of year-over-year sales increases at local retail outlets.

Sales receipts for gas at service stations, however, dropped, the biggest loser in the March retail sales index, falling 7.1 per cent.

Gas stations saw an 8.8 per cent increase in the volume of sales — but that was offset by a slump in gas prices of 14.7 per cent.

Island residents spent a total of $88 million, including overseas purchases by returning residents worth $3.7 million, a 5.7 per cent increase on the previous March.

After adjustment for inflation, rated at minus 0.3 per cent, the total volume of retail sales increased by 2.4 per cent.

There was also good news for building supplies merchants, who saw demand rise by more than 10 per cent — attributed to an increase in residential projects.

When adjusted for inflation, the increase in sales volume in the sector was 9.7 per cent.

Receipts from food sales in March also went up — by 1.1 per cent — while sales revenue in liquor stores dropped by four per cent.

But volume sales for both food and drink decreased by 1.6 per cent and 4.9 per cent respectively.

Sales in clothing stores showed a small increase of 0.4 per cent in March over the same month in 2014 — put down to a higher demand for sale items, which resulted in a three per cent increase in sales volume.

Sales receipts in all other store types fell by 0.5 per cent, with tourist-related stores logging the largest fall of 5.6 per cent.

Sales of furniture, appliances and electronics declined by 4.5 per cent.

But the boat and marine supply sector in March saw an increase of two per cent, while sales of pharmaceutical products went up by 4.9 per cent.

After adjustment for inflation, the sales volume for the all other stores category contracted by 1.4 per cent.