Retail sales disappoint
Feb 24 2011
The survey shows the slowest pace of year-on-year growth for eight months
Annual growth in high street sales volumes slowed sharply in February, finds research.
The quarterly Distributive Trades survey of 143 companies conducted by the Confederation of British Industry (CBI) shows that a balance of just +6 per cent of retailers saw the volume of sales rise in the two weeks to February 16th, compared with a year ago.
The figure is well below the expected +25 per cent and the slowest pace of year-on-year growth for eight months.
Inflation on the high street has risen considerably this month, with a balance of +73 per cent of retailers saying that average selling prices rose on a year ago, the highest since 1991.
Judith McKenna, chair of the CBI Distributive Trades Panel says, ‘The VAT increase coupled with the rise in the cost of many raw materials means that retailers are working even harder to deliver value to our customers on groceries and everyday items.
‘With family budgets under increasing pressure, many shoppers are putting the purchase of big-ticket items on hold for the time being.’
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