UK retail sales shoot higher in July, boosted by clothing sales - CBI
Reuters
Published Jul 27, 2017 16:28
UK retail sales shoot higher in July, boosted by clothing sales - CBI
LONDON,(Reuters) - British retail sales growth hit a three-month high in July, boosted by groceries and summer clothing, according to a survey on Thursday that bucked other signs of a consumer slowdown.
The Confederation of British Industry's (CBI) monthly retail sales balance rose to +22 in July from +12 in June, its highest since April.
Expectations for August were the strongest since December last year, but the CBI warned it might not last.
"While retailers expect a similar pace of growth next month, the factors underpinning their sales growth are more shaky," said Anna Leach, head of the CBI's economic intelligence.
The Brexit vote in June 2016 led to a big fall in the value of sterling, which has pushed up inflation, gnawing at consumers' disposable income this year.
A survey from supermarket chain Asda on Thursday showed almost half of Britons expect their disposable income to fall over the next month.
The CBI survey was conducted between June 28 and July 14 and was based on 57 retail chains.
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Written By: Reuters
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