Financial News: UK Retail Sales Continue To Fall: CBI

UK Retail Sales Continue To Fall: CBI

08/27/2024 - 08:11:00 (RTTNews)

(RTTNews) - UK retail sales declined for the third straight month in August, the Distributive Trades Survey data from the Confederation of British Industry showed on Tuesday.

A net 27 percent of retailers said that the sales volume decreased in the year to August compared to -43 percent in July. A net 17 percent said sales volume will fall again next month.

The balance of retailers reporting sales for the time of year as poor improved to -21 percent from -36 percent in July. A net 18 percent said the sales volume is set to disappoint again in September.

About a net 13 percent of retailers expect a moderate deterioration in their business conditions over the next three months.

The survey showed that selling price inflation accelerated in the year to August. The corresponding balance rose to 30 percent from 20 percent in May. Price inflation is forecast to ease next month with the balance falling to 15 percent.

Retailers intend to reduce investment in the coming twelve months and retail employment decreased for the eighth consecutive quarter. Headcount in retail is forecast to fall next month.

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