{"id":171469,"date":"2023-02-24T05:36:53","date_gmt":"2023-02-24T05:36:53","guid":{"rendered":"https:\/\/precoinnews.com\/?p=171469"},"modified":"2023-02-24T05:36:53","modified_gmt":"2023-02-24T05:36:53","slug":"british-retailers-expect-sales-to-fall-in-march-cbi","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/british-retailers-expect-sales-to-fall-in-march-cbi\/","title":{"rendered":"British Retailers Expect Sales To Fall In March: CBI"},"content":{"rendered":"
UK retailers expect sales to decline next month and remained pessimistic about the business<\/span> outlook, survey results from the Confederation of British Industry showed Thursday. <\/p>\n A net 2 percent of retailers said their sales volume increased in the year to February, the Distributive Trades Survey showed. This was better than the -23 percent registering a fall in sales in January and economists’ forecast of -13 percent.<\/p>\n However, a net 18 percent of retailers said their sales volume will decline in March.<\/p>\n The survey showed that a net 6 percent of retailers forecast business situation to deteriorate over the coming three months. Nonetheless, the balance improved from -22 percent in the preceding period. <\/p>\n On the price pressure, the survey showed that price growth remained near multi-decade highs in February. The corresponding balance fell to +80 percent from +82 percent in November. A balance of 80 percent expects prices to rise again next month. <\/p>\n A net 16 percent of retailers said headcount will fall next month compared to -12 percent reporting a fall in February. <\/p>\n The pace of decline in retail internet sales deepened in February with the balance falling to -30 percent from -4 percent in January. About 24 percent of retailers forecast internet sales to fall next month.<\/p>\n “At the upcoming Spring Budget, the Government must take action to tackle the roadblocks in the way of the UK’s economic growth,” CBI Principal Economist Martin Sartorius, said. <\/p>\n “Retailers are now looking for action in areas like skills and investment,” Sartorius added. <\/p>\n Official data released early this month showed that retail sales rebounded at the start of the year driven by sales promotions. Despite higher inflation, sales grew 0.5 percent in January. <\/p>\n