LONDON, Aug 25 (Globe Live Media) – British retailers posted the strongest August sales in nine months, thwarting forecasts of a drop as cost-of-living pressure hits households, they showed on Thursday. figures from the Confederation of British Industry (CBI).
The CBI retail sales balance for August jumped to +37 from -4 in July.
Economists polled by Reuters were widely expecting a drop to -7.
“Although retail sales returned to solid growth in the year to August, companies remain pessimistic about their business situation in the next three months, to a greater extent since the first COVID-19 lockdown in 2020,” said Martin Sartorius. , chief economist at the CBI.
“This pessimism is reflected in the investment intentions of retailers, which remain decidedly negative.”
The CBI survey also showed that average sales price inflation accelerated to the fastest pace since 1985, at 87 points, from 77 in May.
Prices are expected to rise at a similar pace in September.
In July, consumer price inflation reached its highest level in 40 years, 10.1%.
The survey was based on responses from 60 retailers between July 27 and August 12.