The UK CBI distributive trade survey showed that retail sales increased in the year to December.
In a report, the Confederation of British Industry said that the CBI distributive trade survey dipped to 20, in line with analysts’ forecasts. The previous month’s reading was 26.
Retailers expect similar growth in the coming month.
Grocery sales powered December retail sales growth. Speciality produce saw sales fall year on year.
CBI Principal Economist, Alpesh Paleja commented: “Retailers have seen decent growth heading into the vital Christmas trading period, although it was weaker than expected. It’s clear that people are stocking up on food for their Christmas lunch, with grocers’ sales driving most of the sales growth seen in December.”
Internet sales were reported to be slightly below the long run average, showing that Black Friday and Cyber Monday internet sales were fairly unspectacular.
The pound edged higher on the data. After the report, GBP/USD was trading at 1.3403 compared to 1.3392 prior while EUR/GBP was at 0.8841 from 0.8842 immediately before.