Sales Bounce Back In Jan, Lower Fuel Sales..>

UK DATA: Sales Bounce Back In Jan, Lower Fuel Sales Cap Gains

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- UK JAN RETAIL SALES +0.9% M/M, +0.8% Y/Y, ABOVE BBG +0.7% M/M F/C

- UK JAN RETAIL SALES EX-FUEL +1.6% M/M, +1.2% Y/Y  

- UK DEC TOTAL SALES REVISED TO -0.5% M/M FROM -0.6% M/M

- UK JAN RETAIL SALES DEFLATOR +1.1% Y/Y; EX-FUEL +0.7% Y/Y

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Retail sales bounced back in January, although overall sales were still 

held back by a sharp decline in fuel sales. Petrol sales were down 5.7% 

in the month, reflecting a 2.3p per litre increase in prices across the 

month. Despite the strong January read for overall sales, up 0.9% m/m, 

they were still lower over a three-month period, down 0.8%. Overall 

sales saw a good bounce across the spectrum, with food store sales up 

1.7% and non-food store sales up 1.3%. Online shopping declined as an 

overall percentage to 19% from 19.3% in Dec. Overall sales reflect the 

more upbeat consumer confidence surveys in the post-election period.