Feb Retail Sales In Surprise Rise, On Track.>

UK DATA: Feb Retail Sales In Surprise Rise, On Track for Strong Q1 

-UK Feb total sales +0.4% m/m, +4.0% y/y in Feb

-UK Feb ex-fuel sales +0.2% m/m; +3.8% y/y

-UK Feb retail prices +0.5% y/y vs +0.3% in Jan

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UK retail sales extended January gains through the second month of 

the year, leaving the sector on track to lift Q1 GDP. January sales were 

revised downward slightly to a 0.9% rise, but volumes could fall by as 

much as 2.9% in March and leave the sector on par with the first 

quarter; sales have not plunged by such a large amount in over nine 

years. The implied deflator for clothing and footwear declined for the 

sixth straight month, the longest stretch of weakness since mid 2016. 

However, the heavy discounting failed to prevent a 0.3% decline in Feb, 

partially reversing an unusually-strong 1.7% rise in January. Internet 

sales rose to a record-high 18.4% of total sales in value terms.