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Financial News: UK Retail Sales Rebound In October: CBI

UK Retail Sales Rebound In October: CBI

10/27/2022 - 06:37:00 (RTTNews)

(RTTNews) - UK retail sales expanded strongly in October after last month's decline, the Distributive Trades Survey from the Confederation of British Industry showed on Thursday.

A net 18 percent of retailers said their sales volume increased in October, in contrast to a net -20 percent reporting a fall in sales in September. However, a balance of -9 percent forecasts retail sales to fall next month.

About 20 percent of respondents said sales were seen as good for the time of year in October, following slightly disappointing -7 percent last month. Retailers said that sales will be broadly in line with seasonal norms next month.

Around 16 percent of retailers said orders placed upon suppliers are set to fall next month.

Martin Sartorius, CBI Principal Economist, said "Retail sales volumes recovered to grow at a firm pace this month, but retailers continue to face a challenging operating environment due to rising costs, higher interest rates, and labour shortages."

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