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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK DATA
MNI (London)
UK JAN RETAIL SALES +0.5% M/M (FCST -0.3%); DEC -1.2% M/M
UK JAN RETAIL SALES -5.1% Y/Y (FCST -5.6%); DEC -6.1% Y/Y
- UK retail sales improved slightly in January, expanding by 0.5% m/m (0.4% ex fuel), largely due to non-food sales which rose +0.6% m/m, boosted by sales promotions. This follows -1.2% m/m (-1.4% m/m ex fuel) contractions in December.
- Lower fuel prices boosted sales at the gas pump in January, whilst food sales declined again, down -0.5% m/m as customers reduce spending due to elevated grocery costs.
- In aggregate, sales volumes remained 1.4% below pre-covid Feb 2020 levels.
- Despite downwards revisions to December data, the ONS Spokesperson confirmed that the contribution to Q4 GDP remained unchanged at -0.04%.
- Low consumer confidence, and upcoming rises in household bills and mortgage rates continues to hamper spending appetite. UK retail has now recorded ten consecutive Y/Y contractions. The last negative streak this long was in 2008/09.
- Lacklustre spending outlooks remain a concern for the BOE but in line with projections.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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