| | ESM Magazine reports that UK retail sales surged the most in more than two years in January, boosted by demand for clothing and computers.
The 2.3% jump in the volume of sales was almost three times the pace of growth forecast by economists in a Bloomberg survey. The Office for National Statistics said post-Christmas price cutting helped, as retailers looked to clear excess stock.
The increase more than reverses the drop in sales in December, when mild weather curbed purchases of clothing. It also reinforces the picture of an economy being largely driven by domestic demand as UK inflation close to zero and low unemployment boost consumer spending.
Measured by the retail deflator, prices fell an annual 2.6% in January, a 19th straight decline, data from the ONS showed.
From a year earlier, retail sales including auto fuel, rose 5.2% in January, the ONS said. On the month, food sales increased 1.1% and clothing and footwear sales were up 3.3%. In the last three months, total sales climbed 1.4%, a 26th consecutive increase. |