High street gloom as sales fall for 11th month in a row

RETAIL sales have continued to steadily decline as price pressures weigh on stretched consumers, new data from the Confederation of British Industry shows.

- By Amber Murray

The CBI’s monitor of annual sales came in at -32 in August, from -34 in July. It uses a “weighted balance” figure to show the net balance of firms reporting rising or falling sales.

A negative figure shows the majority reported declines.

“Retailers endured another tough month, with annual sales volumes falling for the eleventh consecutive month,” Martin Sartorius, principal economist at the CBI, said.

“Weak demand and higher labour costs continue to put pressure on margins, dampening sentiment. This downbeat outlook is reflected in firms’ plans to scale back investment and hiring.”