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Monthly retail sales up 2.2% in January - CSO

Retail sales rose by 4.9% on an annual basis in January, new CSO figures show
Retail sales rose by 4.9% on an annual basis in January, new CSO figures show

New figures from the Central Statistics Office show the volume of retail sales rose by 2.2% in January compared to December - the sharpest rise in six months.

Retail sales rose by 4.9% on an annual basis, the CSO said.

When car sales are excluded, the CSO said that retail sales rose by 1.5% on a monthly basis and by 6.1% on an annual basis.

It noted that the sector with the biggest monthly increase was electrical goods, with sales there up by 8.9%. Sales in the hardware, paints and glass sector were 5.6% higher, while sales in department stores were up 4.7%.

The sector with the largest monthly fall in January was pharmaceuticals, medical and cosmetic articles, with sales in the sector down 2.8%.

The CSO also said the value of retail sales rose by 2.9% in January compared to December. The value of sales on an annual basis were up 2.6%.

When car sales are excluded, there was an increase of 2.5% in the value of monthly retail sales and an annual increase of 3.3%.

Commenting on today's figures, Merrion economist Alan McQuaid said that they continue to remain erratic on a monthly basis and are still swinging back and forth, but the underlying trend is positive.

"While most attention has been on robust car sales in the past couple of years, personal spending in other areas has generally picked up too over the same period and is becoming more broad-based," Mr McQuaid added. 

But he cautioned that the Brexit fall-out and the uncertain economic implications will likely continue to impact on Irish consumer sentiment, most likely resulting in lower personal spending in the months ahead.