UK Retail Sales Jump in June, Stocks Dwindle CBI

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LONDON Reuters British retailers reported a jump in sales in June as the countrys fast vaccination programme encouraged shoppers to go out and spend, the Confederation of British Industry said on Friday.

The CBIs measure of the volume of sales rose to 25 from Mays 18, the highest since August 2018, while sales were reported as above seasonal norms which excludes the effect of last years lockdown were the highest in over four years.

This was the latest sign that the success of the vaccination programme is feeding through to stronger consumer confidence, CBI economist Ben Jones said.

The CBI survey also showed stock levels in relation to expected sales sank to their lowest since records began in August 1983 and no improvement was expected next month.

The Bank of England is keeping a close eye on whether bottlenecks in supply caused by the pandemic lead to longerterm inflation pressures.

Reporting by William Schomberg, editing by Andy Bruce

Source Reuters

 

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