New CBI figures shows retail sales are bounding ahead
Retail sales are "bounding ahead" as falling prices and a boost to consumer spending power is giving retailers the most upbeat outlook for 27 years, according to new figures.
The latest survey from the CBI showed 60% of retailers saw sales rise in the year to May, with just 9% reporting a fall, giving a balance of 51% - far greater than expected and the strongest reading since the Christmas sales boost in December last year.
And the poll revealed a balance of 58% of retailers are expecting sales to rise again in the year to June, which is the best reading for 27 years. The figures come after official retail sales figures last week showed April's unseasonally warm weather, combined with lower prices, saw sales volumes jump by a bigger-than-expected 1.2% last month, recovering from a surprise 0.7% fall in March.
The CBI data suggests the buoyant conditions on the high street have continued despite the more unpredictable weather so far this month, with the survey of 134 firms - including 63 retailers - carried out between April 30 and May 15.