UK’s retail sales surge by most in more than 2 years

The data released by the UK Office for National Statistics (ONS) today showed the retail sales in January surged by most in more than two years due to rise in demand for clothing and computers.

Retail sales surged 2.3% m/m; far better than the estimated rise of 0.8%. On annualized basis, the number printed at 5.2%, which is well above the expected rise of 3.6%.

The ONS said growth was helped by post-Christmas price cutting as retailers looked to clear excess stock.