--Jan result: +0.7% m/m, +3.3% y/y
--MNI Survey Median: +0.6% m/m, +3.0% y/y
--MNI Survey Range: +0.3% m/m to +1.3% m/m

By Sumeet Desai

LONDON (MktNews) - UK retail sales volumes grew more strongly than expected in January suggesting consumption growth is still showing no signs of slowing down, official figures showed Thursday.
Retail sales volumes rose a seasonally adjusted 0.7% on the month and were up 3.3% on a year earlier. This compared with market expectations of a rise of 0.6% on the month and 3.0% on the year. Data for December were also revised up. The Office for National Statistics said now that sales in December rose by 0.5%, not 0.1% as reported last month. But November's previously reported rise of 0.6% was revised down to 0.3%. An ONS spokesman said that the latest data show a "marginal slowing down" from the levels seen in the second half of 2000. He referred to the large decline in the annual rate. This was much lower because of the exceptionally strong sales growth seen in January 2000 following the millennium celebrations. He also said that the latest 0.7% rise in sales was low for a January.
But there was no change in the quarterly growth rates. Sales in the three months to January were up 1.3% on the previous three months, the same rate as in the three months to December.
Looking at individual sectors, textile, clothing and footwear sales were up 5.6% in January on the previous month while sales in the non-store retailing and repair category were up 7.4% on the month. Sales of household goods fell 2.5% on the month while sales of pre-dominantly food stores fell 0.5% on the month.