That’s a big drop in the headline reading as UK retail sales fall at its fastest pace in 3 years this January. Adding to the worrying picture is that the volume of sales for this time of the year is seen at -47, the lowest reading since May 2020. CBI notes that:

„Looking ahead, demand conditions will remain challenging as higher interest rates continue to feed through to mortgage payments and household incomes.“

This article was written by Justin Low at www.forexlive.com.