UK retail sales surged in Jan­uary

The Pak Banker - - MARKETS/SPORTS -

UK retail sales surged the most in more than two years in Jan­uary, boosted by de­mand for cloth­ing and com­put­ers. The 2.3 per­cent 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 growth was helped by post-Christ­mas price cut­ting as re­tail­ers looked to clear ex­cess stock.

The in­crease more than re­v­erses the drop in sales in De­cem­ber, when mild weather curbed spend­ing on cloth­ing. It also re­in­forces the pic­ture of an econ­omy be­ing largely driven by do­mes­tic de­mand as U.K. in­fla­tion close to zero and low un­em­ploy­ment boost con­sumer spend­ing.

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