United Kingdom Retail Sales Mom

Retail sales volumes in the United Kingdom rebounded by 3.4% month-over-month in January 2024, following a sharp fall of 3.3% in December and easily beating market expectations of a 1.5% gain. It was the largest monthly rise in trade since April 2021, as sales increased in all subsectors except clothing stores. Sales at food stores surged by 3.4% (vs -3.1% in December), led by receipts at supermarkets, and those at non-food stores advanced by 3.0% (vs -3.9% in December). Within non-food, trade at department stores and other non-food stores, such as sports equipment stores, rose over the month by 5.4% and 6.2%, respectively, with some retailers reporting the positive impact of January sales. Household goods stores rose by 1.8%, mainly due to sales in hardware stores, while clothing stores fell by 1.4%. Automotive fuel sales jumped by 5.4%, helped by falling fuel costs. On a yearly basis, retail sales rose by 0.7%, the largest increase since March 2022.