UK retail sales dropped sharply by -8.2% mom in January, well below expectation of -1.0% mom. Ex-fuel sales dropped -8.8% mom, also way below expectation of -0.5% mom. All sectors saw a monthly decline in volume sales except for non-store retailers and food stores, who reported growth of 3.7% mom and 1.4% mom.
In the three months to January, retail sales dropped -4.9%, compared with the previous three months, with strong declines in both clothing stores and automotive fuel. Total sales volumes were at -5.5% below pre-pandemic level in February 2020.
