Abstracting from the effects of the snow, the big picture remains one of pretty feeble high-street activity. But we doubt consumer spending growth will weaken further. CPI inflation now appears to be on a firm downward trajectory. And there have been clearer signs of a revival in nominal pay growth. This should help consumer spending growth to pick back up from 1.2% in Q4 to about 2% in early-2019 and allow the economy to re-gain some momentum.
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