INSTANT VIEW 2-Czech Jan retail sales jump 7.7 pct

...post-Christmas discount sales fed an 
ongoing rebound in household spending, data showed on Monday. 
 
KEY POINTS: 
(change in percent)      Jan         Dec         Jan forecast 
RETAIL SALES (y/y)       7.7         4.4            6.0 
 
(Click on [ID:nPRA001202] for full table of January retail 
sales) 
 
- The headline, unadjusted figure includes car sales and 
repairs, fuel sales and spending on a variety of consumer goods, 
including foodstuffs. 
- Seasonally-adjusted sales including the auto segment rise by a 
real 0.7 percent month-on-month in January but fall 0.2 percent 
excluding the auto segment, the first drop after 12 consecutive 
months of gains. 
- In seasonally-unadjusted terms, retail sales net of cars and 
fuel grow 7.1 percent year-on-year, after a 4.7 percent rise a 
month earlier. 
- Foodstuffs sales growth slows to 2.6 percent from the previous 
month's 5.1 percent. 
- In the auto segment, sales up 9.3 percent year-on-year thanks 
to a 4.7 percent gain in fuel sales and a 12.4 percent rise in 
cars sales and repairs. 
 
COMMENTARY: 
    PAVEL MERTLIK, CHIEF ECONOMIST, RAIFFEISENBANK, PRAGUE 
    "Domestic demand in the economy remains strong. The fast 
(GDP) growth pace, falling unemployment and rising wages are 
strengthening consumer confidence, which leads to growth in 
consumption and retail sales." 
 
MARKET REACTION: 
- Crown shows no visible reaction to the data release, up 0.4 
percent on the session at 27.745 per euro  by 0811 GMT 
after central European currencies received a boost from a 
revaluation of the neighbouring Slovak crown's euro peg. 
 
BACKGROUND: 
- Feb consumer inflation                         [ID:nL08458496] 
- Jan industrial output figures                  [ID:nL13408467] 
- Report on last Czech c.bank rate decision      [ID:nPRA001176] 
                                 [ID:nL01449456] [ID:nPRA001190] 
 
LINKS: 
- For further details on January retail sales and past data, 
Reuters 3000 Xtra users can click on the Czech Statistical 
Bureau's website: 
    http://www.czso.cz/eng/csu.nsf/kalendar/2004-slu 
 
- For LIVE Czech economic data releases, click on        
- Instant Views on other Czech data                 [CZ/INSTANT] 
- Overview of Czech macroeconomic indicators            [CZ/ECI] 
 
- Key data releases in central Europe    [CEE-CONVERGENCE-WATCH] 
- For Czech money markets data click on                 
- Czech money guide                                       
- Czech benchmark state bond prices                    
- Czech forward money market rates                       
 
  
  Keywords: CZECH RETAIL/