The 3.2% m/m fall in retail sales volumes in December was far worse than expected (consensus forecast -0.5% m/m, CE -1.0% m/m) and suggests that the Black Friday boost to retail sales proved short-lived. Sales volumes contracted once again in Q4, by 0.9% q/q, and by 2.8% y/y in 2023 as a whole. But interest rate cuts and the boost to real household incomes from lower inflation suggest a better 2024 awaits.
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