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BRC Shop Sales Show Continued Decline in Real Sales

UK DATA
MNI (London)

UK FEB BRC SALES LFL +4.9% Y/Y; JAN +3.9% Y/Y

  • UK BRC shop sales increased by +4.9% y/y in February, after +3.9% y/y in January, with BRC citing Valentine's day spending having boosted the index.
  • This data is not inflation-adjusted and thus continues to represent a real fall in sales. Non-essential spending declined further in February as households reduce unnecessary purchasing due to the high cost of living.
  • As such, the February retail sales data due on March 24 is likely to remain weak.
  • In the January data, the ONS cited the M/M uptick as having been boosted by substantial discounting by retailers in a bid to move stock. A continuation of this discounting trend will be welcome news for the Bank of England.

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