British retail sales rebound in January after Christmas slump

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Retail sales in Great Britain rebounded in January following a slump in December, suggesting the economy has picked up some momentum after a weak end to 2023.

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16 Feb 2024

Sales volumes jumped by 3.4 per cent in January, following a revised fall of 3.3 per cent in December 2023, according to figures published by the Office for National Statistics on Friday.

It was the biggest monthly increase since April 2021, the ONS said, taking volumes back to the level of November 2023.

The numbers suggest the economy is starting to shrug off some of the weakness seen at the end of 2023, when the UK slipped into a technical recession. Lower inflation coupled with firm wage growth should permit household spending to pick up in the coming months, economists said.

“The strong pick-up in sales suggests the worst is now behind the retail sector and falling inflation and rising wages in 2024 will provide a strong platform for recovery,” said Joe Maher at research company Capital Economics.

But the data still points to an economy that is in a sluggish state. Sales