UK retail sales declined sharply in September on the cost of living crisis, the Distributive Trades Survey from the Confederation of British Industry showed Friday.
The retail sales balance fell more-than-expected to -20 percent in September from +37 percent in August. The score was seen at +10 percent. A net 13 percent of retailers expect sales volumes to fall again in October.
Internet sales volume also declined notably in September, with the balance falling to -19 percent from -7 percent in August. A net 14 percent said internet sales will fall next month.
“Following a brief return to growth last month, retail sales volumes have once again fallen in the year to September, as the cost-of-living crisis continues to weigh on households’ spending,” Martin Sartorius, CBI Principal Economist, said.
The Government’s announcements this week to support firms on energy costs and setting out their pro-growth agenda should help instil confidence, added Sartorius.
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