UK Retail Sales Rise Most In 18 Months: CBI
UK retail sales grew at the fastest pace since April 2019 with a surge in grocery sales, the Distributive Trades Survey from the Confederation of British Industry showed Thursday.
The retail sales balance rose unexpectedly to +11 percent in September from -6 percent in August. The balance was forecast to fall to -10 percent.
Respondents forecast retail sales to remain flat in October.
“The latest results suggest that the recovery in retail spending over the summer months has continued into September, which is welcome news, but retailers appear cautious over the near-term outlook,” Ben Jones, CBI principal economist, said.
Annual internet sales growth slowed to below the long-run average, with the balance falling to +35 percent from +46 percent. Growth is expected to ease a little further next month as the balance dropped to +31 percent.