Feb 19, 2017 08:12 PM EST
Retail spending in the UK saw a 1.5 percent growth year-on-year in January 2017 compared with January 2016, the lowest growth the sector has had since November 2013, according to the latest official figures of the Office of National Statistics (ONS).
The country's monthly retail turnover, however, showed a drop in its January sales of 0.3 percent compared to the previous month. Its underlying pattern as suggested by the three-month on three-month movement decreased by 0.4 percent; which is its first drop since December 2013.
The ONS data showed average store prices, including fuel, has seen an increase of 1.9 percent on the year, the largest contribution of the increase was said to have come from petrol stations, where year-on-year average prices were estimated to have increased by 16.1 percent.
Online sales, excluding fuel, has seen an increase of 10.1 percent year-on-year, but fell on the month by 7.2 percent, which accounts for approximately 14.6 percent of all retail spending.
Kate Davies, ONS senior statistician, said the three months to January, retail sales had seen the first signs of a fall in the underlying trend since December 2013.
"We have seen falls in month-on-month seasonally adjusted retail sales, both in conventional stores and online, and the evidence suggests that increased prices in fuel and food are significant factors in this slowdown," Davies said.
According to ONS, looking at the amount spent, there was growth in the sector compared to the same period the previous year and in the three-month on three-month series. There was no growth on the month.
ONS data also revealed the fall in the quantity bought in the three months to January 2017 showed a continued upwards trend which was experienced in retail sales since December 2013. The data has coincided with the rise in prices following a period of steady decline. While petrol prices continue to be the main contributor to increased prices, there was also an increase in food prices on the month in January 2017.
Retailers can manipulate consumer regret to beat competitors
The French luxury group gains full control of the 70-year-old Parisian fashion house Christian Dior in a mammoth deal worth around €12.1 billion.
UK luxury fashion retailer Burberry posts lackluster set of results for its second half following an impressive result in the third quarter, a retail analyst stated.
What seemed like a perfect hacking operation turned out to be a failure as Kaspersky has spotted a mistake on the part of the Lazarus hackers. It found a brief connection that came from North Korea - proving their identity and origin.
A lawsuit has been filed by a Democratic political consultant and Fox News contributor on Monday alleging, among others, that Roger Ailes denied her of a permanent hosting job after she turned down his sexual advances.
South African leader, Jacob Zuma, has sacked finance minister Pravin Gordhan in a move that drove the country's currency down five percent in value. The president calls for a midnight reshuffle in his Treasury members who he felt were disloyal to his political intentions.
The US president has long promoted a change on how foreign businesses should run their operations - and that is to revive American manufacturing. Uniqlo head showed he didn't like being given an ultimatum by Trump.
Cemex, one of the world's largest cement producers, has not participated in the first round of bids that is currently underway but said it is open to providing quotes to supply the raw materials for Trump's promised border wall.
Arket, which means 'sheet of paper' in Swedish, will cater to a modern-day market with products for men, women, children and the home.