Retail sales growth in Britain rose at a faster pace in October, according to a closely-watched survey from the CBI.
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Britain’s retail sales balance increased to 30% from 11% in September. The balance measures the percentage of retailers saying sales rose, minus those reporting a decline in sales.
The expectations figure for November also improved, to 35% from 29% in October.
Stock levels reached a record low for the 17th straight month in October across the distribution sector as a whole, with all three sub-categories also seeing survey record lows.
Ben Jones, CBI Principal Economist, stated that the UK’s economic recovery has been bumpy lately, and the same is true of the retail sector.
Sales performance has improved solidly in recent months, while stock shortages continue to bite. Retailers are facing challenges to plan ahead after disruption to supply chains, alongside staff shortages and uncertain public health conditions.