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CBI realized sales survey showed balance of -36%

Thursday, Oct 26 2017
CBI realized sales survey showed balance of -36%

Retail sales declined sharply in the year to October, disappointing expectations for a solid expansion, according to the latest monthly CBI Distributive Trades Survey. 15% of retailers said that sales volumes were up in October on a year ago, whilst 50% said they were down, giving a rounded balance of -36%. This significantly undershot expectations (+23%), and was the steepest fall in sales volumes since March 2009 (-44%), during the financial crisis.

Rain Newton-Smith, CBI Chief Economist, said: “It’s clear retailers are beginning to really feel the pinch from higher inflation. While retail sales can be volatile from month to month, the steep drop in sales in October echoes other recent data pointing to a marked softening in consumer demand. This is a critical time for a sector that employs three million people across Britain. The Government can give retailers, especially those on the High Street, some much needed relief in next month’s Budget by bringing forward the planned switch of business rates indexation from RPI to CPI.”

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