High street slowdown continues

A drop in year-on-year sales in the first half of October was reported by 33% of retailers compared with 42% who said sales were up.

This rounded balance of +10% is the weakest since November 2006 and, for the third month in a row, was below the long-term average of +18%. The grocery trade had a balance of +19%, the same as in September.

The CBI said the slowdown reflects the impact on consumers of five interest rate rises in a year. Slightly better sales are expected in November, although the Christmas period is likely to be slow.

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