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The headline reading shows a notable rebound in retail sales as compared to January last year, though one has to consider the impact of lockdown measures at the time. When looking at volume of retail sales for this period in time, the reading fell from -2 in December to -23 in January - the lowest since March last year. That indicates a more disappointing performance by UK retailers amid the turn of the year. CBI notes that:
"It was not surprising that retail sales dropped back below seasonal norms in January, given the spread of omicron, the reintroduction of restrictions late last year and increased consumer caution."
