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mpc: 13 The estimated level of consumption had also been revised up, by 0.5% by the third quarter. Consumption was now estimated to have grown by around 1% in each of the past three quarters. That rapid pace of growth seemed set to continue into the first quarter of 2004. Retail sales had grown by 0.6% in January, following 0.8% growth in December. Early indications were that spending growth would remain quite strong into February. There was no sign of weakening in consumer confidence; and though the latest CBI Distributive Trades survey pointed to a modest slowing in growth on the month, the three-month average was at its highest since June 2002. The housing market too remained strong, with house price inflation (on the main lenders' indices) higher in the three months to February than in the three months to November. Evidence from the RICS survey was rather more mixed, with a small fall in the price expectations balance but an increase in the ratio of sales to stocks ­ a good indicator of near-term price developments.