Feb UK retail sales flat,Jan revised upwards

UK retail sales were flat in February as recent increases in interest rates failed to stifle consumers' spirits. However, January's increase was revised dramatically higher, according to official figures.

The Office of National Statistics (ONS) said today that January now saw a 1.2% gain on the month, compared with the initial estimate of 0.6%, as late returns were received from retailers.

The Office said that retail sales were up 6.5% in the year to February, down from January's 6.9%, but way above the average over the last year.