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UK retail sales rise more than forecast in January

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Staff writer ▼ | February 20, 2016
UK retail sales
UK retail   The Office for National Statistics:

UK retail sales surged past expectations in January as consumers stocked up on furniture and electrical goods, data from the Office for National Statistics revealed.

Sales jumped 5.2% in January compared to the same month a year ago, beating analysts' estimates for a 3.4% increase.

On the month retail sales rose 2.3% in January, surpassing forecasts for a 0.7% gain.

A record high in employment and low inflation provided a boost to consumer spending last month, according to Howard Archer, chief UK and European economist at IHS Global Insight.

Employment rose 205,000 in the three months to December although wage growth slowed to 1.9% from 2%, official data showed.

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