The 1.0% m/m fall in retail sales volumes in December was much worse than both we and the consensus (+0.5% m/m) had expected. That meant sales volumes fell 1.3% q/q in Q4 and were a disappointing 5.4% below their level at the start of the year. We expect that weakness will continue as the drags on activity, particularly from higher interest rates, intensify in 2023 and the economy slips into recession.
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