CBI survey shows fall to -50, the lowest reading since January 2021
Retailers say they don’t have high hopes for Christmas either
Sales may have grown by 2.5% in October, but that is below inflation and the three-month average
Net balance falls to -44%, down from -25% in July
Sales rose by 1.5%, down from 2.3% during last July’s heatwave
A 9% drop in June follows a 10% fall in May
Optimism for the next quarter is at -6% on the index, up from -22% in the previous quarter
The CBI expects sales to fall next month, despite a lift in October
Sales are slowing despite inflation pushing up total amount spent in store
But the increase is due to fears of shortages and price hikes next month
Sales have risen at their sharpest pace in seven years
Retail sales across the UK declined by 0.1% in 2019