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mpc: 13 On the expenditure side of the National Accounts, it seemed likely that consumption growth had slowed in the first quarter since the volume of retail sales had fallen by 0.7% and the growth rate of unsecured borrowing had declined further. After very strong growth in 2005 Q4, retail sales had fallen markedly in January. Since then, however, household spending appeared to have recovered. Retail sales had increased in February and March and the retail component of the CBI Distributive Trades Survey had picked up quite strongly in April. Vehicle registrations had also increased in March and house prices had continued to rise.