Retail sales do not bode well for UK economy
2023.01.26 09:01
Retail sales do not bode well for UK economy
By Tiffany Smith
Budrigannews.com – A survey found on Thursday that British retail sales volumes fell at the fastest rate since April of last year, highlighting the consumer economy’s weak state in the face of high inflation.
The Confederation of British Industry (CBI) sales balance, which included a few days of Christmas trading, decreased from +11 in the December report to -23, indicating that more chain stores reported lower retail sales than higher sales.
Retail sales were expected to fall again next month, according to the survey.
According to CBI Martin Sartorius, “Retailers began the new year with a return to falling sales volumes, as the sector continues to face the twin headwinds of rising costs and squeezed household incomes.”
Between December 22 and January 13, 59 retailers, mostly large chain stores, participated in the survey.
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