According to a data published by the Czech Statistical Office, Czech retail sales increased at a faster pace in December 2011 than expected.

Retail sales, including sales of automotive fuels and repair and maintenance of automobiles, increased by 1.6 % YoY in December 2011 on an unadjusted basis, up by 1.1 percentage points on November 2011 and a slight improvement on October figures (up 1.5% YoY).

Mr Pavel Šobíšek chief economist at Unicredit Bank Czech Republic said that "December 2011 confirmed the trend of stagnating household consumption, observed over the entire second half of 2011.December alone recorded moderately above-average results, as the YoY index of retail sales, adjusted for the auto segment, rose for the first time after four months."

The statistical office said that on a working day adjusted basis, the annual rate of growth in sales was 3.3% in December 2011. It added that "The annual increase of non adjusted sales by 1.6% was most contributed to by sale of non food goods and motor vehicles."

Seasonally adjusted sales for sale and repair of motor vehicles increased by 1.3% MoM at constant prices and by 7.1% YoY when adjusted for working days.

Mr Šobíšek said that "It is obvious that households did not save on costs related to Christmas. This reflected in a rise in most of the groups of consumer goods, with the exception of food and fuels."

(Sourced from www.ceskapozice.cz)