The Confederation of British Industry (CBI) reported on Thursday its
latest survey of retailers revealed that the retail sales volume balance worsened
to -5 in the year to June from -1 in May, pointing that retail sales slipped
for the third straight month.
Economists had forecast the reading to decrease to -3.
The report also revealed that retail sales volumes were seen to decrease
at a moderate pace in July (-2). In other survey results, stocks in relation to
expected sales were seen as “too high” in June (+12, up from 11 in May), and
were expected to remain too high next month (+12). Retailers’ orders placed
with suppliers decreased (-8, down from +2 in May), and were predicted to drop further
in July (-10).
Commenting on the latest survey, Ben Jones, Lead Economist at the CBI, noted
that the UK’s retail volumes continued to struggle as consumers’ budgets were pinched
by elevated inflation.