UK retail sales rise in January but miss expectations
UK retail sales grew 5.4% year-on-year in January, but fell 0.3% from December's high.
Analysts were expecting a 5.9% jump year-on-year in January, but a 0.2% drop from December's levels.
The increase marked the 22nd consecutive month of year-on-year growth and the longest period of sustained year-on-year growth since May 2008.
The rolling three-month on three-month movement in purchase showed continued growth for the 23rd consecutive month, increasing by 2.3%, the strongest growth since April 2002.
Average store prices fell by 3.1% in January 2015 compared with January 2014, the largest year-on-year decline since 1997, while the quantity bought in the retail industry was decreased by 0.3%.
"The prospects for retail sales and consumer spending overall for 2015 currently look bright given significantly improving real earnings growth, rising employment and elevated confidence," said Howard Archer, chief European and UK economist at IHS Economics.
"Furthermore, it now looks highly possible that interest rates will not rise until 2016."