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Financial News: UK Retail Sales Rebound In August: CBI

UK Retail Sales Rebound In August: CBI

08/25/2022 - 06:46:00 (RTTNews)

(RTTNews) - UK retail sales unexpectedly rebounded in August but firms were pessimistic about the business outlook, the latest quarterly Distributive Trades Survey from the Confederation of British Industry showed on Thursday.

A net 37 percent of retailers reported an increase in sales in August, which was the fastest rate in nine months. This was in contrast to the 4 percent of retailers registering a fall in July. The expected balance for August was -7 percent.

For September, a net 31 percent forecast an increase in sales volume.

The survey showed that internet sales continued to ease from a year ago but the pace of decline moderated to -7 percent from -37 percent in July. About 3 percent expect internet sales to fall next month.

Firms remained pessimistic about the business situation over the next three months, with the balance easing to -22 percent from -13 percent in May, to the greatest extent since May 2020.

Average selling price inflation sped up to its fastest pace since 1985. The corresponding balance rose to +87 percent from +77 percent in May.

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