Details of the January 2017 UK retail sales data report 17 February 2017
Ok, so now we are seeing a real problem. The ONS say that rising prices in food and fuel are behind this slowdown, which is a big big warning if folks are tapering spending due to prices. 3m/3m sales show the first drop since Dec 2013. Those notes alone make this report a killer of BOE hikes. That said, lets not get too carried away on this one report. As I said just now it’s a notoriously volatile month. We’ll need to see if this issue becomes more widespread or more deeply entrenched.