UK retail sales flat in Feb after Jan fall, outlook gloomy: CBI

British retail sales held steady in February after falling in January but stores expected sales volumes to slip again in March as the rising cost of living eats away at disposable incomes.

by | 23 Feb, 2023

The Confederation of British Industry’s (CBI) distributive trades index rose to +2 this month from -23 in January. A Reuters poll of economists had pointed to a reading of -13.

But a measure of expected sales in the month ahead fell to -18 from -15.

“Whilst retail sales volumes were largely unchanged in the year to February and slightly above seasonal norms, firms remain pessimistic about their business outlook and are bracing themselves for yet another fall in sales next month,” Martin Sartorius, CBI principal economist, said.

Official data published last week showed shoppers spent more than expected in January but inflation-hit households were buying fewer items and relying more on discounts.

Read more at Reuters

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