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 retail sales far exceeded analysts’ expectations in January, rising by 1.9%, outstripping predications of a 0.9% gain. But that failed to make up for a 4.0% plunge in December, revised downward from the originally-reported 3.7% decline.
Fourth quarter sales were revised down to a fall of 0.5% from the initially-reported 0.2% decline. That means retail will shave 0.05 percentage points from Q4 GDP revisions, compared to a 0.02 percentage point reduction in the first estimate.
Food sales kept the January rebound in check, dropping by 2.3%, taking supermarket sales some 0.8% below pre-pandemic levels in February of 2020, while non-food sales rose by 3.4%, lifted by a 7.5% jump in household goods. Department store sales rose by 7.1%, with the increase concentrated in homewares, according to an ONS official. Internet sales, measured by value, decreased by 4.5% between December and January, taking the proportion of all retailing down to 25.3%, the lowest ratio since March of 2020.
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.