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Financial News: UK Retail Sales Rebound In November: CBI

UK Retail Sales Rebound In November: CBI

11/23/2017 - 06:39:00 (RTTNews)

(RTTNews) - British retail sales expanded in November following a significant contraction in October, the latest Distributive Trades survey from the Confederation of British Industry showed Thursday.

About 39 percent of respondents reported that sales volumes were up on a year ago in November, while 13 percent said they were down, giving a balance of +26 percent. The expected balance was 3 percent.

Retailers expect sales volumes to pick up again next month, with the balance rising to +30 percent.

At 75 percent, the balance for average selling prices rose at the fastest pace since May 1991 and prices are forecast to rise at a similarly elevated pace next month.

"Ahead of the crucial run up to Christmas, the weaker pound has pushed up prices and retailers are nervous about business conditions and are trimming their workforces," Rain Newton-Smith, CBI chief economist, said.

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