British retail sales record a record jump of 3.4% in January 2024

British retail sales in January 2024 saw a monthly rise of 3.4%, significantly beating analysts’ expectations of an increase of only 1.5%, which is a remarkable economic development.

The Office of National Statistics reported in its data that all sub-sectors contributed to this growth with the exception of the clothing sector, indicating that retail sales rose by 0.7% on an annual basis in January, compared to a decline of 2.4% in December, exceeding analysts’ expectations that had predicted A decrease of 1.4%.

The annual rise in retail sales was mainly due to an increase in food store sales of 3.4%, compared to a decrease of 3.1% in the previous month. In addition, supermarkets saw growth of 5.4%, while non-food stores recorded a rise of 6.2%, reflecting improved consumer confidence and purchasing power in the UK economy.