UK Jan retail sales blew expectations, but store price slowed to lowest since 2016

UK January retail sales came in much stronger than expected.

• Including auto and fuel, sales rose 1.0% mom, 4.2% yoy versus expectation of 0.2% mom, 3.4% yoy.
• Excluding auto and fuel, sales rose 1.2% mom, 4.1% yoy versus expectation of 0.2% mom, 3.1% yoy.

However, year-on-year average store prices growth slowed to 0.4%, lowest price increase since November 2016.

Full release here.