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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)
Retail sales jumped +1.2% m/m in February, against expectations of a weak +0.2% m/m uptick. This was the strongest M/M growth since Oct '22 and back around pre-pandemic February 2020 levels.
- Following the upwardly revised +0.9 m/m rise recorded in January, an ONS spokesperson confirmed that any March reading above -1.7% m/m would imply a positive contribution to Q1 GDP.
- Non-food sales jumped +2.4% y/y, underpinned by strong discount store and second-hand/auction house sales.
- Food store sales rose again, albeit according to anecdotal evidence this was at the cost of reduced spending in restaurants and takeaways, signalling a likely softening in restaurant services activity in February.
- All up, despite this data showing robust spending in February, the shift away from new and full-price goods implies that underlying demand remains severely affected by persistently high inflation. Yet a continuation of the recent discounting trend is a tentative signal for cooling inflation.
Source: ONS
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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