UK Retail Sales Stagnate Amid Cost of Living Crisis

January sees a mere 1.2% year-on-year increase in retail sales as consumers continue to feel the pinch of rising costs.

Retail sales in the UK saw a modest 1.2% increase in January compared to the previous year, marking a significant slowdown from the 4.2% growth in January 2023.
BP reports a profit of $13.8 billion for 2023, down from $27.7 billion in 2022, but still above expectations.
Consumer spending on non-essential items remains subdued, with a notable decrease in spending on furniture, household appliances, and electricals.
The cost of living crisis enters its third year, affecting consumer confidence and spending habits.
Market optimism rises as Chinese shares rebound, with the CSI 300 index jumping by 3.5%.