High street sales still subdued, says CBI
The Confederation of British Industry (CBI) has played down high street sales growth in the latest figures, saying the upturn in the economy is still relatively subdued.
Although recent reports show retail outlets are seeing some increase in custom, the organisation urges caution in assuming the statistics are proof of long-term recovery.
Director general John Cridland says: "Household budgets are being persistently squeezed by the gap between price inflation and weak wage growth.
"Given these challenging consumer conditions, it is good news that retail sales growth is stable."
In its latest quarterly Distributive Trades survey, the CBI found a net balance of +18 per cent of retailers saw sales rise in the fortnight before May 16th, compared with those who saw them fall.
This is a full 19 percentage points above the expected result of -1 per cent, but the body says it tallies with "muted sales growth" seen over the quarter.
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- cbi ,
- cost of living ,
- household budgets ,
- inflation ,
- news ,
- retail
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