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Retail sales and prices surge ahead
Wed, 08 Feb, 2012
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Retail sales and prices surge ahead
Thu, 26 Aug 2010, 14:51:00
Shop prices are rising faster than at any time since 1992 according to the latest monthly survey from employers' organisation the CBI. Its latest distributive trades survey also showed retail sales volumes in August grew at their fastest for three years as clothes sales picked up strongly with the warm weather and summer sales, The August survey follows a strong July reading and points to a recovery of confidence in the UK economy among consumers and retailers. The balance of the monthly distributive trades survey rose to +35 in August from +33 in July, well above economists' forecasts of +20. It is the highest reading since April 2007. September is also expected to be strong with a balance of +39% expecting volumes to be higher than a year ago. The balance for the underlying trend, the three-monthly moving average of sales volumes, was +21%, the strongest figure since July 2007 (+22%). Clothes sales were especially strong with grocers, durable household goods, footwear & leather, and hardware & DIY other good growth areas. It is the third quarter running that price inflation has accelerated, the CBI added. This time, 66% of firms said average selling prices rose on a year ago and 9% said they fell, giving a rounded balance of +58%. This is the fastest pace of price increases since February 1992 (66%). A net 22% of firms expect the overall business situation will improve in the coming three months, with sentiment at its most positive since May 2004 (+22%). Retailers' recruitment plans are also the strongest since May 2004 with more investment planned than at any time since 1994. The CBI survey was carried out between July 27 and August 11, and was based on responses from 133 companies who operate around 20,000 stores between them.
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