Retail sales while rising, are well below expectations

That was significantly below market expectations, which averaged 20%. The overall figure was particularly dragged down by weak sales of foodstuffs, which slipped by 0.3% over the period. (Food products remain the largest single item in household budgets). On the other hand, sales of cars, motorcycles and spare parts jumped by 28.7% and of clothing and footwear by 24.5%. The figures, which came just days after weaker-than-expected data on industrial output and wage growth, will play into the hands of the more dovish members of the Monetary Policy Council. However, most analysts are confident they did not herald any sharp economic slowdown. "December data often pose [interpretive] problems, they are not a particularly reliable guide to future trends," said Marcin Mróz, chief economist at Fortis Bank. (Rzeczpospolita, p. B3; Gazeta Wyborcza, p. 29; Puls Biznesu, p. 6) R.M.