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Financial News: UK Retail Sales Recover In May- CBI

UK Retail Sales Recover In May- CBI

05/28/2024 - 09:10:00 (RTTNews)

(RTTNews) - UK retail sales recovered in May and selling price inflation continued to ease, survey results from the Confederation of British Industry showed Tuesday.

The retail sales balance fell to +8 percent from -44 percent in April, latest Distributive Trades Survey results revealed.

At the same time, selling price inflation weakened in May with the balance easing to 20 percent from 54 percent in February. This was the lowest since August 2020.

A net 4 percent retailer expects sales volumes to fall next month.

CBI lead economist Alpesh Paleja said easing inflation and continuing real wage growth will contribute to a healthier consumer outlook, in turn supporting the retail sector further.

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