UK retail sales surged in January
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.