Sales by retailers in Great Britain directly to end consumers, including spending on goods (in store and online) (Retail Sales Index) and spending on services (Index of Services). The industry as a whole is used as an indicator of how the wider economy is performing and the strength of consumer spending.
Retail sales volumes (quantity bought) are estimated to have rebounded by 3.4% in January 2024, following a record fall of 3.3% in December 2023 (revised from a fall of 3.2%). This was the largest monthly rise since April 2021 and returned volumes to November 2023 levels.
Sales volumes in all subsectors except clothing stores increased over the month, with food stores such as supermarkets contributing most to the increase.
More broadly, sales volumes fell by 0.2% in the three months to January when compared with the previous three months, however this was the smallest fall since August 2023.
The purpose of this article is to give the estimated impact of implementing measures announced in the March 2016 budget, previous budgets and pre-budget reports on the Consumer Prices Index (CPI), CPIH - a measure which includes owner occupiers’ housing costs, and the Retail Prices Index (RPI).