Retail sales decline again

Retail sales slowed in October from the previous month, according to the latest Confederation of British Industry (CBI) distributive trades survey.

This is the fourth month is succession that retail sales have declined.

The survey found that 58% of retailers said sales rose in October, with 22% reporting a fall, a balance of +36%. This is down on the +49% in September, and below the +47% retailers had forecast for October in last month's survey.

"Retailers expect sales growth to continue next month, in the run-up to Christmas. We should also see a boost to sales as shoppers look to beat the New Year VAT rise," said Lai Wah Co of the CBI.

"But looking beyond that, broader consumer caution may temper growth in spending in 2011."