UK DATA: Dec Retail Sales inc. fuel -0.8% m/m; unch. y/y
–Dec retail sales ex fuel -0.3% m/m; +1.0% y/y
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Retail sales inc fuel fell 0.8% m/m in Dec and were unchanged on
the year, below the median for a decline of 0.3% m/m and rise of 1.1% on
the year. Ex fuel the picture was not as bad but sales were still down
0.3% m/m against the median for unchanged sales. The Dec outturn was the
lowest m/m and y/y for a December since records began in 1988 which will
be the result to hit the headlines. Food store sales were down 0.9% m/m
and 3.4% y/y the lowest annual figure on record as food price inflation
hit 5% the highest since May 2009. Non-food store sales were down 0.6%
as clothing and footwear sales plunged 2% on the month. NS said that
cold weather had hit sales. Data at this time of year are erratic so
we’ll need to see the Jan data as well to gain a better picture but for
now the headlines will be full of consumer gloom stories.