The balance of 2 in the Confederation of British Industry’s August distributive trades survey was the lowest since July last year.
Among retailers, the balance – the difference between those reporting a rise in sales and those reporting a fall – fell to -10, well below the reading economists had expected and down from +22 in July.
Higher inflation continues to squeeze consumers’ pockets, the CBI’s head of economic intelligence, Anna Leach, said. Looking ahead, companies expect sales growth to recover, but pressures on household budgets are set to continue, she said.
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