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Financial News: UK Retail Sales Decline Sharply In September: CBI

UK Retail Sales Decline Sharply In September: CBI

09/23/2022 - 08:01:00 (RTTNews)

(RTTNews) - UK retail sales declined sharply in September on the cost of living crisis, the Distributive Trades Survey from the Confederation of British Industry showed Friday.

The retail sales balance fell more-than-expected to -20 percent in September from +37 percent in August. The score was seen at +10 percent. A net 13 percent of retailers expect sales volumes to fall again in October.

Internet sales volume also declined notably in September, with the balance falling to -19 percent from -7 percent in August. A net 14 percent said internet sales will fall next month.

"Following a brief return to growth last month, retail sales volumes have once again fallen in the year to September, as the cost-of-living crisis continues to weigh on households' spending," Martin Sartorius, CBI Principal Economist, said.

The Government's announcements this week to support firms on energy costs and setting out their pro-growth agenda should help instil confidence, added Sartorius.

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